If it was a company, it’s a separate entity to the individual. Many countries do not allow non resident tax payers to have over 50% share in a company registered in their country. If you were a resident of that country, you would be allowed to have a company there, and you would pay taxes to that country. You would still need to file a tax return in the US, declaring your income and provide a tax certificate from the country you paid taxes to. IF there is a reciprocal agreement with that country, chances are, you will not be liable for any payment to the IRS, but you still need to file, personally, with them. Your company return will be done ONLY for the government with which it is registered. (wow… I remember a few things…) BUT, you should still see an accountant… just to make sure all your obligations are fulfilled and you’re taking advantage of rules that are in your favour. (I was SUCH a capitalist in my former life…)