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Global Business Growth Club

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20 contributions to Global Business Growth Club
ECI - James Baker is wrong??
Looking at the IRS official website it says that profits from a sale of inventory purchases either in this country or foreign is ECI. Meaningy ecommerce camt get away without paying taxes https://www.irs.gov/individuals/international-taxpayers/effectively-connected-income-eci
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New comment 22d ago
ECI - James Baker is wrong??
2 likes • 24d
You missed the keywords "usually considered." This is not black and white. I paid $600 per hour x 5 hours with another tax attorney on this subject. It is not that simple. And you will get different answers based on your risk tolerance. I referred one client to a tax attorney who charged $17K to take the position, NOT USTOB or ECI; they were doing $1M per month in sales, so they paid it.
1 like • 23d
@Denis Mihin He has been a client for many years, and each situation is different. This was the original direction he took. He was doing $1M per month, so $12M and more in sales. There is no way you should take advice from this example (in my opinion), other than the fact that, you will get different opinions. I would recommend you consult with at least 2-3 different tax attorneys, pay their fees, see why they approach it one way or the other, than pick a person or approach that works best for you. Again, this is not black and white. Here is a resource if you want to dive into the complexity of US taxation with non-residents. https://www.andrewmitchel.com/topic.php
Building Credit Score in USA
I discovered that the US credit score is an attractive way to get business funding. I know some service providers helping foreigners (non-US residents) to build credit scores in the US, but I would like to know who you can recommend and why. Also, should you travel to the USA to open bank accounts in person, or can you trust remote service providers to open accounts remotely? Is it safe?
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New comment 18d ago
1 like • 24d
This can be done but not a simple process. It is very similar process to someone building up their personal credit after personal bankrupcy. I was in business credit for 10 years, and yes, there is a TON of OVERPROMISING going on. Cash advances are easy if you have revenue, BUT very expensive. Just focus on sales and profit, is a better approach (in my opinion).
Non-Resident LLC - Need Payment Processor for Online Coaching Business
-I opened a stripe account, it worked for a month then they shut me down saying I was considered high risk. I'm a dating & relationship coach. -I'm from Australia and my single member LLC is registered in Wyoming with a registered agent. -My question is to anyone that's been considered high risk, what payment processor have you been able to sign up to and keep open without being shut down?
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New comment Oct 2
0 likes • Sep 24
@Farouk Nikel I am interested also.
I need help
I have a question. This is not the first time something like this is happening and i need clarification. So a customer placed an order, i fulfilled it and it was shipped. After, the customer requested for a refund because they didn't get the product which they clearly did and i just had to refund to avoid any issues with my store. How can i prevent that?
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New comment Aug 20
1 like • Aug 20
AI is perfect for this, with a well written prompt (act as an _________________ (ecommerce shopify expert or agency consultant....) it will crank out several ideas to prevent in the future. Chat GPT 4.0 is recommended.
Open your US bank account here
If you have your LLC you now need to open bank accounts (the first two are free so open both!). I'm going to share some links below to what I think are the best options. They are my affiliate links and I'll address them separately so you can understand the benefits. When applying, be honest but always emphasize more on how you will help your US clients. Relay financial - I have a great relationship with relayfi and they have told me that applicants that use this link have a greater likelihood of being approved. I use relay for my business and it has been great.the account is free to open. https://app.relayfi.com/register?referralcode=jimbaker Mercury bank - this is another great option. Again focus on how you are serving clients in the US. This link should give you bonuses once you are approved. The account is free to open. https://mercury.com/partner/jamesbakercpa Wise - this is not a bank but is a useful way to get paid and pay other people sign up with my link to get free transfers up to $500.. the account is free to open but there are small fees to open different currency accounts https://wise.com/invite/ahpc/jamesb2812 Stripe - if you are selling anything I would first try stripe.com for payment processing. I don't have a special link for them. Let me know if there are other accounts you may be interested in, how this goes for you and which you prefer!
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New comment 17d ago
1 like • May 22
@Andrew Andrews the one problem with Trulease, is that the business lease is NOT in the name of your entity, it is in the name of the landlord of the building, so that is not going to work (came up with one of our clients). Fortunately, we know now that both Relay and Mercury do not require a utility bill for your U.S address, they do on the foreign personal address.
1 like • Jun 13
@Rose H interesting. We don't get that for our clients as a partner of Relay since the beginning. We can do a utility bill based to our address in Nevada, but check with James first, if he has a solution. We have not needed it for our clients.
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Scott Letourneau
3
44points to level up
@scott-letourneau-7761
Since 1997, I have worked with entrepreneurs globally to do business in the U.S.

Active 21h ago
Joined Oct 20, 2023
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