Where should I form crypto LLC and what banking options?

[cryptogal]

Hello everyone, I hope you all are well.
I'm at the beginning stages of forming a utility token. I now know that no matter what I call it the SEC will want to govern. So seeking information on the best route to take for my IDO. Here most people discuss exchanges however I am not seeking to open an exchange, just to sell my tokens. Currently the company is setup as an LLC in Wyoming. I understand that I need to seek a licensed professional for advice but I consider this a warmup so I know exactly what to discuss with advisors. I basically want to know the following:

I am a token issuer not exchange-I just want to cash-out the monies raised so I can start building the product.
What is the best method to cash-out?
I want to have an IDO presale so I understand that Americans cannot participate. Can I participate as an American citizen or do I need to have a second passport?
Is it easier being a token issuer than an exchange creator or are they considered the same thing?
Should I open an IBC, then a second company?
Can I form these companies in two different countries, using one for taxes and one for banking?

 

[uplana]

There was actually a crypto lawyer around here who also advertised.. you may google search the forum.
Code:
site:offshorecorptalk.com crypto lawyer

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[Fulton Abraham Sanchez]

cryptogal said:
Hello everyone, I hope you all are well.
I'm at the beginning stages of forming a utility token. I now know that no matter what I call it the SEC will want to govern. So seeking information on the best route to take for my IDO. Here most people discuss exchanges however I am not seeking to open an exchange, just to sell my tokens. Currently the company is setup as an LLC in Wyoming. I understand that I need to seek a licensed professional for advice but I consider this a warmup so I know exactly what to discuss with advisors. I basically want to know the following:

I am a token issuer not exchange-I just want to cash-out the monies raised so I can start building the product.
What is the best method to cash-out?
I want to have an IDO presale so I understand that Americans cannot participate. Can I participate as an American citizen or do I need to have a second passport?
Is it easier being a token issuer than an exchange creator or are they considered the same thing?
Should I open an IBC, then a second company?
Can I form these companies in two different countries, using one for taxes and one for banking?
Click to expand...

For cash out perhaps metal pay app.
You can participate if presale is done in another jurisdiction, but you will be subject to IRS and FBAR reporting.
IBC yes you should. Second company maybe. It depends of the objective. If it is for taxes, no.
Yes you can, but remember you will be subject to FATCA and FBAR and will pay taxes on offshore company profits even if profits are not distributed.

Last edited by a moderator: Jul 17, 2021

 

[cryptogal]

thank you

Fulton Abraham Sanchez said:
For cash out perhaps metal pay app.
You can participate if presale is done in another jurisdiction, but you will be subject to IRS and FBAR reporting.
IBC yes you should. Second company maybe. It depends of the objective. If it is for taxes, no.
Yes you can, but remember you will be subject to FATCA and FBAR and will pay taxes on offshore company profits even if profits are not distributed. PM for more info.
Click to expand...

Thank you, will do.

 

[cryptogal]

Admin, why is Sanchez banned? Just my luck, I was coming back to get some more answers.

 

[jjrapy]

cryptogal said:
Admin, why is Sanchez banned? Just my luck, I was coming back to get some more answers.
Click to expand...

Interesting to know conf/(%

 

[cryptogal]

jjrapy said:
Interesting to know conf/(%
Click to expand...

Are you saying he was banned for that very reason? Answering too many questions?

 

[jjrapy]

cryptogal said:
Are you saying he was banned for that very reason? Answering too many questions?
Click to expand...

I say I would like to know too why he has banned

 

[troubled soul]

jjrapy said:
I say I would like to know too why he has banned
Click to expand...

Me too,

He has working website ,
twitter profile all sort of things .
Really interesting to know.
What happen ?
Is he a scammer ?

 

[uplana]

why do you guys don't open a new thread in the forums for it rather then going off topic here?!

I never seen Admin answering such questions anyway.

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[jjrapy]

The OP was starting the questions-answers and find out the ban. I don't see a problem in his or others willing to know why the ban.
The Admin is free to answer, in worst case we won't know the answer and it ends there.