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Unlike America most countries from Europe do not allow foreigners to set up an LLC. I found Bulgaria is more friendly and charges only fixed corporate 10% tax. Any one from the world can form a business over there.

Thanks guys. Filing for a LLC in wyoming with single owner is a good idea?

Awesome thread guys. I would like to be clear on this. Lets say my LLC brings net profit of $40000 and I am the only the guy who runs it. So does that count as I earned as additional 40k when I file tax return in april? I work in a full time job and all I know is my employer gives me w2 form...