Question about foreign-owned LLC

[philoctetes]

Let's suppose that I am a foreigner who does some business with onlyfans. In March of every year they send me a form 1042s stating how much they've withheld. I then use this information when I file taxes in my native country.

I want to start a single-owner LLC in the US. When I do so, what will I give to onlyfans to indicate my new status? Is it enough just to claim that I have a US LLC?

I've heard that I need an ITIN in order to file returns in the US. And, to make things worse, I've heard that it can take between 2 and 7 months to get one.

Can I begin the 7-month wait with the form 1042s from the end of the last financial year?

Once I register my LLC in the US what kind of documents will onlyfans give me in March next year to indicate my new status?

 

[e-spider]

Depending on the tax season an ITIN can take up to 12 weeks.

In which country are you located?

 

[fremont]

When you form a U.S. single-member LLC, OnlyFans will usually need an updated W-9 form instead of the W-8BEN you have been using as a foreign individual. That shows them you’re now operating through a U.S. entity with a U.S. tax ID (EIN). You won’t use the 1042-S anymore once you’re set up as a U.S. entity, you’d typically get a 1099 (or they may report under your EIN if you’re treated as a disregarded entity).

The ITIN is only necessary if you personally need to file a U.S. tax return your LLC itself uses an EIN, which you can get almost instantly online So, you don’t need to wait 7 months to start operating; the EIN is enough for OnlyFans to treat your business as U.S.-based. Curious, have you decided which state you’ll register your LLC in? That can affect taxes and how OnlyFans views your setup.

 

[AllonaIBOSLLC]

When you form a U.S. single-member LLC, OnlyFans will usually need an updated W-9 form instead of the W-8BEN you have been using as a foreign individual. That shows them you’re now operating through a U.S. entity with a U.S. tax ID (EIN). You won’t use the 1042-S anymore once you’re set up as a U.S. entity, you’d typically get a 1099 (or they may report under your EIN if you’re treated as a disregarded entity).

The ITIN is only necessary if you personally need to file a U.S. tax return your LLC itself uses an EIN, which you can get almost instantly online So, you don’t need to wait 7 months to start operating; the EIN is enough for OnlyFans to treat your business as U.S.-based. Curious, have you decided which state you’ll register your LLC in? That can affect taxes and how OnlyFans views your setup.

That’s a solid move! Switching from a W-8BEN to a W-9 is exactly what happens once you have that U.S. LLC. It basically tells OnlyFans to stop treating you as a foreign individual and start treating you as a U.S. business entity.
A few quick things to keep in mind:
Tax Forms: You’re right—you’ll likely start seeing a 1099 instead of the 1042-S.
The ITIN catch: While you can get an EIN fast to get started, since a single-member LLC is "disregarded" for taxes, some platforms eventually circle back and ask for your personal ITIN anyway to verify the actual owner. It’s worth starting that 7-month wait now just to be safe.
Don't forget Form 5472: Even if you don't owe U.S. taxes, foreign-owned LLCs have a strict reporting requirement (Form 5472). The penalty for missing it is a brutal $25,000, so definitely keep that on your radar!
Have you looked into Wyoming or Delaware yet? Most people go with Wyoming because it’s cheaper and keeps your name off the public record, which is a big plus for privacy.