Paul Kim8 said:So, apparently people just open an Inc. without anyone ever noticing? 😁
It's basically the same deal as running a business in the US—say you have a steady job where you get a paycheck and all your taxes and Medicare/IRS stuff are handled (and yeah, those contributions are the employer's headache, not yours, but that's a whole other thing). If you decide to launch your own company on the side, since you're the owner, you don't actually have to be "employed" by your own firm if you've already got full coverage through your day job. You can run an LLC or a corporation without being on your own payroll. As the owner, the government isn't coming after you for anything unless you're acting as the director and pulling some shady legal stunts—but if you play it straight, file your invoices, and pay the taxes your company owes, you aren't liable for anything else besides the taxes on any profit you actually take out. It works the same way with an Inc. in the USA, Ireland, or wherever. No one stops you from being an owner, and as long as you aren't drawing a salary or taking fees, you aren't obligated to report or pay personal income tax because an Inc. is its own legal entity, just like here. I won't get into director liability, but that doesn't fall under US Law anyway. Basically, you set up an Inc. in the USA, invoice a client in America, they wire the cash to your bank account, you issue the invoice without Sales Tax, report it as income, and if you have enough expenses, you might end up paying zero tax at the end of the year if your revenue stays under a certain threshold—whereas in Ireland, where the rate is 12.5%, there isn't really a floor; profit is taxed regardless of the amount.
hope that helps
Best,
Thomas Bailey6