Question 1

What exactly is Exentax?

Accepted Answer

We are a firm focused on international tax, US LLC structure, banking and operations for digital businesses. We do not sell a company in isolation. We design the full structure: residence, activity, clients, payments, documentation, EIN, ITIN when relevant, banking, compliance and maintenance. The goal is a defensible fiscal and operational base: clear for banks, coherent for platforms and explainable to tax authorities.

Question 2

Who is behind Exentax?

Accepted Answer

Behind Exentax are digital entrepreneurs and tax advisors who know the reality you are trying to organize: international revenue, banking, compliance, local tax and decisions that need evidence before execution. We do not speak from empty theory. We have structured LLC, dealt with banking reviews, IRS questions and the need to explain every movement clearly. That experience is what we bring to your case: practical judgment, understandable tax strategy and real support.

Question 3

Why did you build this?

Accepted Answer

Because many digital businesses already sell globally while their structure still belongs to an earlier stage. We see international revenue, payment rails, banking, brokers and documents spread across too many loose decisions. That is where bank reviews, tax doubts and IRS questions become harder than they should be. Exentax brings those pieces into one coherent base: US LLC, international tax, banking, compliance, investment and human support. Less improvisation. More judgment.

Question 4

Why should I trust Exentax?

Accepted Answer

Because Exentax does not treat an LLC as a boxed product. We first understand residency, activity, payments, banking, platforms, investment and how profits may be withdrawn; then we execute what actually makes sense. Trust comes from the file: formation, EIN, operating agreement, banking dossier, forms and calendar stay ordered and traceable. And we stay with you when a bank asks for context, annual compliance arrives or a new decision has to be made.

Question 5

What exactly do you sell, LLC or tax advice?

Accepted Answer

We offer a full US LLC, banking and operating-compliance structure for digital businesses with international activity. Specifically, we handle: • LLC formation in the right state for your profile • EIN from the IRS in 1 business day when the file is complete and ITIN with a CAA file when needed • US banking setup with priority on Relay and Slash; Wise Business for collections, payments and international FX; Mercury only when it adds real value to the profile • Access to international payment gateways (Stripe, PayPal; PayPal may request an ITIN depending on setup and country) • Compliance, annual filings and complete maintenance In short: we design the structure so you can operate with clarity, documentation and real support.

Question 6

Are you a traditional accounting firm?

Accepted Answer

No. A traditional accounting firm usually covers local bookkeeping, recurring tax returns and payroll. Exentax is built around a narrower, higher-stakes focus: US LLC structure, international tax, banking, compliance and global operations for digital businesses. We do not register a company and leave you with a folder. We review how you will get paid, which bank fits, how to explain the activity, what documents support the structure and which obligations come next. That focus lets us move fast without treating your case like a generic filing.

Question 7

How is Exentax different from other LLC formation companies?

Accepted Answer

Three fundamental things: • Case-first analysis: we review your residence, revenue, clients, money movement, platforms, banking needs and tax exposure before recommending a structure. • Execution with standards: formation, EIN, banking file, payment stack, IRS filings and ongoing maintenance are delivered in order, with documentation that can be defended. • Human support: we stay close after formation. If Relay, Slash, Wise, Mercury, Stripe, PayPal, Hotmart, IBKR or another provider asks for context, we help you answer with clarity instead of improvising.

Question 8

How does Exentax model the tax outcome of a structure?

Accepted Answer

A serious tax result starts with the verified facts: residence, source of income, effective management, distributions, banking and evidence. A US LLC can reduce the tax burden significantly when it fits. Some structures can reach very low, even 0%, taxation when residence, source and operations are aligned. Exentax validates those conditions from the file before modelling the outcome. We define what stays inside the structure, what is distributed, what is declared and which documents make the position defensible.

Question 9

What kind of businesses fit an LLC?

Accepted Answer

An LLC fits when the business already operates internationally: clients outside your country, multi-currency collections, payment rails, separated banking, global suppliers or corporate investing. It often suits agencies, consultants, e-commerce, SaaS, creators, online education and digital businesses with international revenue. The question is not “can I open an LLC”; it is whether your activity needs a defensible structure. If all revenue is local, it may not fit. If banking, payments and tax cross borders, it should be designed properly.

Question 10

Do you only work with Spaniards or any country?

Accepted Answer

We work with entrepreneurs from any Spanish-speaking country and also with Portuguese, French, German, Catalan and English speakers. Most of our clients are in Spain, Mexico, Argentina, Colombia and Chile, but the structure works the same from any country. What matters is not your nationality but your business model and tax situation. We evaluate that in the initial call.

Question 11

Can I have an LLC if I already have a company in my country?

Accepted Answer

Yes, no problem. Having a company in your country and an LLC in the United States are independent things. In fact, many of our clients have both. The key is how you structure the relationship between both entities: who bills what, how payments flow, what each one declares. That's exactly what we analyze in your particular case. In the strategic advisory session we explain how the combination could work for your specific situation.

Question 12

Do I need to bill a minimum amount for this to make sense?

Accepted Answer

We do not decide from one revenue number. A business at 3,000/month with international clients, Stripe, Wise, IBKR or investment plans may need more structure than a larger but purely local activity. We look at margin, tax residence, client origin, payments, banking, withdrawals, expenses and growth. Sometimes the next step is forming the LLC; sometimes it is waiting or reorganizing an existing one. The initial call gives you a clear answer without pushing a structure your facts cannot defend.

Question 13

Is an LLC better than continuing as a freelancer in Spain?

Accepted Answer

It can be, especially when revenue is international and the business already behaves like a company rather than a personal freelance activity. Spanish personal income tax can approach 54% in high brackets depending on the region. A well-designed LLC helps separate operations, banking, profit distributions, corporate investment and documentation. Sometimes it coexists with a local structure; sometimes it replaces part of the operation. We decide with numbers, residence, clients and money flow on the table.

Question 14

What exactly is an LLC?

Accepted Answer

LLC stands for Limited Liability Company. It is a flexible US entity that can separate personal assets, international operations, banking and tax planning in one structure. • Legal protection: company money and personal money should not be mixed • Tax flexibility: results pass through to the member and the outcome depends on residence, source, distributions and documentation • Real operations: EIN, Operating Agreement, separate account and a coherent banking file It is not just company formation. It is a structure that must be explainable to banks, the IRS and your local tax authority.

Question 15

Is it legal to have an LLC as a foreigner?

Accepted Answer

Yes. It is legal and common. The United States allows non-residents to form and own an LLC without US citizenship, residence or a visa. The legal point is only the starting point. A serious file must align tax residence, beneficial ownership, EIN, Operating Agreement, banking, invoicing, payments and annual filings. An LLC is safe when it is real, documented and operated separately. The risk is not the LLC itself; it is using it like a personal account with weak records, unclear withdrawals or no business rationale.

Question 16

Does having an LLC automatically reduce taxes?

Accepted Answer

Not automatically. A US LLC is the vehicle; tax efficiency comes from the full structure: tax residence, source of income, absence of US trade or business, retained profits, distributions, banking, documentation and local reporting. When those facts fit, the savings can be very real and, in specific residence/source scenarios, the US federal layer can be 0%. When they do not fit, the LLC only adds noise. Exentax reviews the case before treating the LLC as a tax solution, because the numbers only defend themselves when the facts do too.

Question 17

Does the LLC eliminate my personal taxes?

Accepted Answer

No. It does not erase your personal tax residence or your local obligations. What it can do is separate operations, banking, expenses, investment and distributions with much more control. The key is deciding what stays inside the LLC, what is distributed, what is paid as a business expense and how each movement is documented. With the right residence and income-source facts, the result can be highly efficient. Without order, it must be declared and integrated carefully so the structure remains credible, not improvised.

Question 18

Can my country challenge the LLC?

Accepted Answer

Yes, if the facts point to personal benefit: local management, constant withdrawals to personal accounts, local clients deducting your invoices, private use of company funds or weak records. That does not make the LLC illegal. A US LLC is a legitimate, defensible entity. When the company has a separate account, contracts, bookkeeping, US banking/FATCA perimeter, reporting and a coherent operating story, automatic attribution is harder to sustain. The strength is legal separation, registry privacy and real traceability, not improvisation.

Question 19

Why an LLC and not another type of company?

Accepted Answer

Because an LLC can combine tax flexibility, asset separation, US banking, privacy at registry level and international operations with less friction than many other vehicles. It is not always the answer. A C-Corp, local company, Hong Kong company or holding may fit better depending on investors, partners, suppliers, residence or activity. The value is in the architecture: residence, clients, payment rails, banking, filings, distributions and documentation must form one coherent file. Review how an LLC fits.

Question 20

What is the difference between Wyoming, Delaware and New Mexico?

Accepted Answer

Each state serves a different strategy: • Wyoming: registry privacy, charging order protection and asset separation. Strong when discretion and protection matter. • Delaware: corporate reputation, Court of Chancery and an international standard. Useful for investors, partners or demanding B2B. • New Mexico: privacy, state simplicity and no Annual Report. Efficient for lean digital businesses. At Exentax we choose based on residence, banking, tax profile, assets and operating goal. Not fashion.

Question 21

Does the LLC protect my personal assets?

Accepted Answer

Yes, when it is used properly. An LLC separates business activity from personal assets and gives the operation a stronger legal base. The condition is discipline: separate bank account, business expenses separated, contracts, invoices, Operating Agreement and coherent records. If personal and company money are mixed, the protection weakens. That is why Exentax does not stop at formation. We help separate funds, organize banking and use the LLC as a real structure, not as a loose account.

Question 22

Can I have partners in the LLC or does it have to be just mine?

Accepted Answer

You can have partners without any problem. An LLC can have one or multiple members (multi-member LLC). Each partner has their defined ownership percentage and profits are distributed according to that percentage. That said, taxation has additional nuances with multiple partners because each one declares their share. At Exentax we manage multi-member LLC and ensure that each partner's tax structure is properly configured.

Question 23

Does my LLC have to charge VAT?

Accepted Answer

Usually, a US LLC providing digital services does not charge European VAT or federal sales tax: the US has no federal VAT and many professional services are not subject to state sales tax. For EU B2B clients, reverse charge often applies. B2C or specific activities require checking the country, service and platform. Exentax sets up invoicing language and documentation so the structure does not start with a VAT mistake.

Question 24

What is the process from when I contact you until I have the LLC operational?

Accepted Answer

The process has four clear steps: • Initial call: we review residence, business model, revenue, banking, goals and whether an LLC really fits. • Structure design: state, bank, documentation, account use, tax logic and maintenance. • Execution: LLC formation, EIN, banking coordination and organized file delivery. • Maintenance: calendar, filings, registered agent and annual obligations stay under control. You provide the information once. We coordinate the full structure with judgment.

Question 25

Do you do everything or do I have to do paperwork myself?

Accepted Answer

We coordinate the operating work: formation, banking, compliance and filings. You give us the information once and we turn it into a coherent file. From there, we: • Prepare the Articles of Organization and file them with the state • Request the EIN from the IRS • Coordinate with the Registered Agent • Assist with the bank account application • Deliver a structure that is documented and ready to operate You do not have to improvise IRS forms in English or resolve US procedures on your own. First we review the case; then we execute with judgement.

Question 26

What documents do I need to get started?

Accepted Answer

Very few. To get started you need: • Valid passport or ID • Address outside the United States where you habitually live • Basic business details: desired company name, description of activity and approximate start date Later, for bank account opening, some banks may ask for additional documents like proof of address or information about the source of funds, but we handle that case by case.

Question 27

How long does the whole process take?

Accepted Answer

We work in parallel so the structure moves without dead time. In clear files, the LLC is usually formed in 3-4 business days; the EIN can be obtained in 1 business day when the file is complete; and operational banking can move in around 12 hours if compliance does not request extra context. For ITIN and traditional banking, we prepare the data, documents and validations required at every stage from the outset. We coordinate milestones with the IRS, institutions and selected partners, then maintain active follow-up so the file advances with order and realistic timing.

Question 28

Do I have to travel to the United States at any point?

Accepted Answer

You do not need to travel to form the LLC or prepare banking. Formation, EIN, documents and the banking file can be coordinated remotely. When a traditional bank requires branch handling, we assess whether an authorized representative or assisted process can be used within that bank's KYC rules. We internally approve viable files, prepare a strong application and work with our partners to seek approval from Chase, Citi, Amex or the institution best suited to the profile.

Question 29

Can I choose any name I want for my LLC?

Accepted Answer

Almost always yes, but with some restrictions: • The name must be unique in the state where you register the LLC • It cannot include certain restricted words like "bank", "insurance" or "university" without special licenses • It must end with "LLC" or "Limited Liability Company" Other than that, you have complete freedom. We verify name availability before filing the documents.

Question 30

Can I talk to you before signing up?

Accepted Answer

Absolutely. In fact, it's mandatory. We don't accept clients without speaking first. The initial 30-minute call is designed to determine whether working together makes sense before any structure is built. In that call, we ask all the necessary questions to understand your case, explain how your structure would work, and tell you clearly if we think it's a good idea for you or not.

Question 31

What level of support do you offer after forming the LLC?

Accepted Answer

Formation includes private area operational support within the accepted plan scope so the LLC is not left alone once it exists. We help with operating questions, banking, documentation, IRS requests and decisions that appear once the structure is live. When an issue needs human handling, we coordinate it through the private area and, when appropriate, by WhatsApp or email so the context stays documented. When annual maintenance is renewed, support and follow-up continue within the accepted renewal scope alongside the calendar, Form 5472, pro-forma Form 1120, BOI/FinCEN scope review when applicable and Registered Agent. We do not deliver a folder. We keep the file operational.

Question 32

Do you respond quickly or does it take days?

Accepted Answer

We respond within less than 24 business hours, usually sooner. But support is not only speed: a useful answer should understand your file, bank, LLC and the exact point of the process. You hear from a team that knows the structure and can give you the next step with context, not from someone starting from zero each time.

Question 33

What operational commitment does Exentax make?

Accepted Answer

Yes. Our guarantee is operational: what you hire is delivered, organized and corrected when it falls within our responsibility. We assess and internally approve viable files, prepare each application with coherent documentation and work with our partners throughout the process. We take responsibility for preparation, execution, follow-up and responses to requests so the structure remains actively managed after formation. See our refund policy for details.

Question 34

Which banks do you work with to open accounts?

Accepted Answer

There is no universal bank. We design a banking architecture around real use: collections, payouts, cards, FX, investments, payment rails, compliance reviews and business risk. We work with options such as Relay, Slash, Wise Business or Mercury when they fit. For stronger cases, we can also prepare traditional or higher-touch banking files and authorized in-person support when the provider's rules allow it. The point is not opening an account quickly. It is making the bank, website, invoices, contracts, KYC and tax position fit into a defensible file.

Question 35

How long does it take to open a bank account?

Accepted Answer

For clear profiles, banking usually moves quickly: around 12 hours for operating accounts such as Relay or Slash once the LLC and EIN are ready. Wise Business can take longer if it asks for additional verification of activity, business address or source of funds. That is normal: Wise is very useful for international money, but its compliance may request more context. Our job is to submit a clean file: formed LLC, EIN, Operating Agreement, unambiguous activity description and documentation ready. That reduces friction and avoids improvised responses.

Question 36

How does Exentax prepare and support a banking application?

Accepted Answer

Exentax reviews and internally approves every viable file before presentation. We align the activity, KYC profile, country, volume, source of funds, website, contracts, invoices, Operating Agreement, beneficial owner and intended account use so the application arrives complete and easy to assess. For traditional US banking, when the case supports it, we coordinate authorized presence, assistance or representation under a clear mandate and complete KYC. We then work with our selected partners and follow every documentary request actively while the application progresses toward approval.

Question 37

What happens if the bank asks for additional documentation?

Accepted Answer

It is normal for a bank or fintech to ask for more documents. It does not mean the account is lost; it means compliance wants to understand activity, clients, source of funds, source of wealth and expected use. At Exentax we prepare an ordered response: invoices, contracts, website, statements, business explanation and banking narrative. The point is not to send twenty PDFs. The point is to connect each proof to a specific question. Banks understand an LLC better when website, collections, contracts and movements stay aligned.

Question 38

Can I use the account to receive payments from Stripe, PayPal, etc?

Accepted Answer

Yes, when the account, EIN, website, activity and KYC story are aligned. Relay and Slash provide US operating accounts with routing number and account number; Wise Business covers international money. Depending on your model, that stack can support: • Stripe, PayPal, Shopify and Amazon • Hotmart, Dodo Payments and other compatible collection layers • Advertising platforms, SaaS suppliers and, where the model requires it, local finance options such as SeQura The point is not just opening an account. The point is building a payment structure that platforms understand and that your LLC can defend.

Question 39

Can I have accounts at more than one bank?

Accepted Answer

Yes. An LLC can operate with several accounts when there is a clear reason: main operations, backup, reserves, currencies, payment rails or investing. The point is not to collect bank accounts. The point is to separate uses and keep the file coherent: ownership, activity, source of funds, website, contracts and payment flow. Exentax designs that architecture so banking supports the business instead of creating friction.

Question 40

Do the accounts have physical cards or only virtual ones?

Accepted Answer

It depends on the institution, delivery country and KYC profile. We usually design a layer with virtual cards for software, advertising, suppliers and online payments; when physical delivery is viable, we review it. For teams, Slash can add user cards, limits and strong spend control. For profiles with ITIN and a developing US financial footprint, AMEX Business can become a later step. We do not sell you “a bank”: we design the account, card and financial layer around how you collect, pay and document activity.

Question 41

What happens if the bank closes my account or requests additional documentation?

Accepted Answer

If the bank requests additional documentation, you need to answer quickly, calmly and with proof. They usually ask for invoices, contracts, website, business-model explanation, source of funds or client relationship details. At Exentax we prepare that response with you so it matches your LLC, your activity and your filings. If a closure ultimately occurs, we coordinate an orderly transition: statement downloads, fund withdrawal, communication and an alternative account. The key is not reaching that point with an improvised structure. That is why we design banking, compliance and documentation from the start.

Question 42

Can I get an AMEX Business card with an LLC and ITIN?

Accepted Answer

An AMEX Business application can make sense when there is real activity, a properly documented LLC, EIN, ITIN where useful, organized banking, verifiable revenue, clear source of funds and separation between personal and business spend. At Exentax we review and internally approve each viable file, prepare the financial profile and work with our partners to seek approval for every account we manage. We organize the corporate structure, statements, payment history, banking narrative and source-of-funds evidence, submit a coherent file from the outset and follow every request through to resolution.

Question 43

What is compliance and why is it important?

Accepted Answer

Compliance means keeping the LLC legally and operationally in order. It is not decorative wording: it means knowing what must be handled with the IRS, the state of formation and FinCEN when relevant, and keeping evidence of each step. It covers Form 1120 + 5472, Registered Agent, state Annual Report where required and BOI/FinCEN scope review when relevant facts change. Exentax turns that obligation into calendar, file and controlled filings so the structure remains defensible.

Question 44

What does your annual maintenance service include?

Accepted Answer

Annual maintenance is not just a fee to keep the LLC alive. It is the system that keeps the file defensible: active Registered Agent, Form 1120 + 5472 prepared, state Annual Report where required and BOI/FinCEN scope review under the current rule. Since the 2025 change, BOI is not filed by default for a US-formed LLC; scope, exemptions and relevant changes are reviewed first. Exentax keeps calendar, evidence and filings organized so the LLC does not depend on memory or pressure.

Question 45

What exactly do I have to do once I have the LLC?

Accepted Answer

Your role is to operate the business with order: bill, collect, pay suppliers and keep income, expenses, contracts and statements documented. The LLC does not need heavy accounting to look serious; it needs traceability. Exentax handles US compliance: Form 1120 + 5472, BOI/FinCEN scope review when relevant, state Annual Report where required and renewals. We also guide how that information fits your tax residence, so filing locally does not become last-minute improvisation.

Question 46

What happens if I do not earn money with the LLC?

Accepted Answer

If it does not invoice, the LLC is not paused or dissolved automatically. While it remains open, Registered Agent, Form 1120 + 5472, state Annual Report where required and BOI/FinCEN scope review still need to be handled when relevant facts change. The point is to keep a clean, defensible file: no revenue, no activity or minimal activity, but documented. Exentax helps you decide whether it is worth keeping the LLC ready or closing it in an orderly way before deadlines accumulate.

Question 47

Do I have to keep formal accounting for my LLC?

Accepted Answer

Not always as heavy formal accounting like a European company, but you do need serious traceability. The LLC should be able to explain income, expenses, distributions, retained funds, bank movements, contracts and invoices. Even when monthly books are not mandatory in every case, banks, compliance, the IRS and Form 5472 need a clear file. Exentax organizes the minimum standard: live file, categories, evidence and review before filing or answering an institution.

Question 48

Can I mix personal money with LLC money?

Accepted Answer

The right answer is to keep personal money and LLC money separate. The business account should pay business activity; the personal account should stay out of corporate expenses, client collections and supplier payments. If you use the LLC as a personal pocket or move funds without documenting contributions, loans or distributions, you weaken asset separation and may pierce the corporate veil. Exentax helps organize movements, evidence and criteria so the structure remains defensible.

Question 49

Do I have to issue US invoices or can I use invoices from my country?

Accepted Answer

If you operate through the LLC, the invoice should be issued in the LLC's name, not your personal name. The point is not copying a “US invoice format”; it is making sure legal name, EIN where relevant, service, amount, date, contract, website and collection account stay aligned. An inconsistent invoice creates banking and compliance noise even when the activity is legitimate. Exentax organizes the template, narrative and documentation so each payment fits the structure.

Question 50

Do I need to hire someone in my country to handle my local taxes?

Accepted Answer

It depends on your tax residence and how you use the LLC. Exentax leads the international side: structure, documentation, banking, withdrawn profits, retained funds and coherence with Form 1120 + 5472. For the local return, the key is arriving with an organized file and a clear reading of what was generated, what was distributed and what remains inside the company. If a local advisor needs to be involved, we coordinate from tax criteria, not improvisation.

Question 51

What happens if I do not maintain the LLC?

Accepted Answer

If maintenance is ignored, the LLC usually does not fail overnight, but the file starts losing order: expired Registered Agent, state report when required, broken IRS calendar, pending Form 1120 + 5472 or BOI/FinCEN scope not documented. The issue appears when a bank, gateway or advisor asks for evidence and the structure cannot support itself. Exentax keeps calendar, documents and filings current so the LLC stays clean and defensible.

Question 52

Can I change state after forming the LLC?

Accepted Answer

Yes, but it should not be treated like an address change. Changing state can affect seniority, EIN, banking, contracts, Annual Report, Registered Agent and how the file is perceived. Sometimes domestication fits; other times closing and forming again is cleaner. Exentax reviews the reason, current state, pending obligations and operating cost before recommending the cleanest path.

Question 53

How do you close an LLC?

Accepted Answer

Closing an LLC is not the same as simply stopping use. The file needs to be closed in order: Articles of Dissolution with the state, final Form 1120 + 5472 returns, BOI/FinCEN review where applicable, bank accounts, contracts and evidence. The goal is to avoid open deadlines, uncontrolled bank accounts or a company that remains legally alive without purpose. Exentax coordinates the closure so the structure ends clean, documented and without pending obligations.

Question 54

What is CRS and does it affect me if I have an LLC in the US?

Accepted Answer

CRS is automatic financial information exchange between participating jurisdictions. The United States does not follow that European model: it uses FATCA, KYC, AML, the Bank Secrecy Act and its own legal channels. That creates real financial privacy. The bank identifies the customer and keeps records, but balances, owners and movements in a US LLC account are not automatically turned into a yearly CRS package for the owner's tax residence. This is not anonymity. It is regulated privacy, procedural access and asset separation. Exentax designs that advantage with documentation, US banking and defensible local reporting, not slogans.

Question 55

What is FATCA and how does it work?

Accepted Answer

FATCA is the US financial-information framework. It was built so institutions outside the United States report US-person accounts to the IRS; it is not the European CRS model. A US bank account held by a non-resident LLC sits in a US/FATCA perimeter, with KYC, AML and local controls. It is not an automatic CRS file sent to your country. Your duties still sit in your tax residence: accounts, income or interests must be reported when local rules require it. Exentax keeps FATCA, CRS and local filing duties separated.

Question 56

What is Form 5472 and do I have to file it?

Accepted Answer

Form 5472 is an IRS information return used to report relevant transactions between a foreign-owned US LLC and related parties: contributions, distributions, payments, loans, reimbursements or services. It is not “paperwork”. It explains how money moves between owner and LLC, usually inside the annual IRS file with a pro-forma Form 1120. Exentax reviews transactions, evidence and calendar so the filing is prepared with judgment and kept in an organized copy.

Question 57

Is Form 5472 a report to tax authorities in my country or only to the IRS?

Accepted Answer

Form 5472 is filed with the IRS. It is not a direct CRS submission or an automatic annual package to the tax authority of your residence country. That does not mean invisibility and it does not remove local filing duties. Information can exist, be retained and be requested through legal channels, treaties or applicable procedures. The important difference is that the US works with FATCA, KYC, AML and its own reporting framework, not the traditional European CRS model. Exentax separates banking privacy, IRS filing and local reporting so the structure remains defensible without mixing concepts.

Question 58

What is Form 1120 and do I have to file it?

Accepted Answer

For a foreign-owned Single-Member LLC, Form 1120 is usually filed as a pro-forma return attached to Form 5472. It does not mean the LLC is taxed as a C-Corp by default: it is the formal vehicle that lets the IRS receive the annual information report. The reference deadline is usually April 15; if Form 7004 is decided and filed on time, the window can move to October 15. Exentax controls calendar, transactions, supporting evidence and submitted copy so the annual file does not depend on last-minute pressure or assumptions.

Question 59

What is Form 7004 and what is it for?

Accepted Answer

Form 7004 is the extension request used when the annual Form 1120 + 5472 file needs real extra time. It is not a way to forget the filing or close the year without documentation. It must be decided before April 15 and, if filed on time, can move the window to October 15. Exentax uses it with judgment: calendar, reason, pending evidence and a clear next step so the extension organizes the file instead of hiding it.

Question 60

What is the BOI Report and do I have to file it?

Accepted Answer

The BOI Report is no longer a universal filing for US-created LLC entities. Under FinCEN's March 2025 interim final rule, entities created in the United States and their US-person beneficial owners were removed from the federal BOI filing requirement. The remaining scope focuses on certain foreign entities registered to do business in a US state. At Exentax we do not file by inertia and we do not ignore the rule either. We review the facts, document the conclusion and file only when the current rule genuinely applies.

Question 61

When do things need to be renewed and what exactly needs renewing?

Accepted Answer

The calendar depends on the state and the file. Wyoming has an Annual Report around the anniversary month; Delaware keeps its state deadline in June; New Mexico has no Annual Report, but the LLC still needs an active Registered Agent. Then comes the federal layer: Form 1120 + 5472 by April 15, or the October 15 window if Form 7004 is used, plus BOI/FinCEN scope review when relevant facts or the rule change. Exentax does not work with loose reminders: we maintain calendar, owner, evidence and an updated file.

Question 62

What happens if something expires and we do not renew it on time?

Accepted Answer

If a deadline is missed, the worst move is improvising. First we identify what failed: Annual Report, Registered Agent, Form 1120 + 5472, extension, or BOI/FinCEN scope review when relevant. Then we correct it with evidence: filing, payment, renewal or a documented explanation. Exentax carries the calendar, notices and file to avoid that scenario; and if it already happened, we organize the response without putting the structure at risk.

Question 63

Can I open an Interactive Brokers (IBKR) account with my US LLC?

Accepted Answer

Yes. IBKR can accept accounts in the name of a US LLC with non-resident owners, but it is not an operating account: it is for investing treasury, not collecting client payments. The file must be coherent: Articles, Operating Agreement, EIN, W-8BEN-E, beneficial-owner identity, statements, source of funds and activity narrative. Exentax prepares that narrative so banking, broker and tax treatment do not tell different stories.

Question 64

What is Form W-8BEN-E and does my LLC have to file it?

Accepted Answer

The W-8BEN-E certifies to a US bank, broker, platform or payer the entity's tax position and beneficial owner. It is not sent directly to the IRS; the requester keeps it on file. For a non-resident single-member LLC, it is often paired with the member's personal W-8BEN and must be renewed if details change or the form expires. Exentax prepares it inside the file to avoid wrong withholding, broker rejection or contradictory answers.

Frequently asked questions: US LLC and international tax

About US LLC

What is a US LLC?

Do I need to travel to the United States to form an LLC?

Which state is best for my LLC?

How long does LLC formation take?

Can I own an LLC while being a salaried employee?

About taxation

Is tax optimization with a US LLC legal?

Do I have to declare the LLC in my country of residence?

Which IRS forms must I file?

About banking and payments

Can I open US business banking without travelling to the US?

Can I use payment processors with my US LLC?