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Business                                    The Portugal News · 21 Nov 2020    15

      Redundancies made by                             The Pamper Crew
      Sumol and Compal

      Sumol and Compal will proceed with a             The Pamper Crew bring the spa directly to you with professional
      collective dismissal that is expected to
      make 80 people redundant, the company’s          wellbeing treatments served up in your own home.
      official spokesperson told Lusa.                         aren Louise      to wake up in the sunshine

                                                               Clayton          every morning, so here we
        “This is a very difficult deci-  Compal will not pay man-  and Lesley   are turning our dream into a
      sion, taken in the face of an   agement premiums for 2019  K Champion have   reality.”
      exceptional situation, which   and will proceed by reducing   been living and working in   “Pamper days are always
      will affect 5.5 percent of our   their Board of Directors, but   the Algarve for 18 months   really enjoyable and a huge
      employees in different areas   further details on this meas-  and have loved every   success with ladies booking
      of the organisation, but it is   ure are not yet known.   minute of their journey so   regular days with their
      essential to ensure the com-  “In view of this scenario,   far, meeting new clients   friends or family.  What
      pany’s economic and financial   the prolongation of restric-  and making many new   better way to spend a
      sustainability,” said the group.   tive measures that negatively   friends.  winter day enjoying some
      The company guarantees to   affect our business and the   “We have been working   pampering, lunch, a glass
      pay compensation “above the   level of economic activity   in the wellbeing industry   of fizz and time with your
      legal framework”, as well as to   expected for the future, Su-  for many years in spa’s and   friends. We can put packages
      extend some benefits, includ-  mol and Compal are obliged   as mobile therapists.  One   together to suit everyone.”
                                                                                                        Karen Louise Clayton and Lesley Champion from the Pamper
      ing health insurance.    to proceed with a process of   cloudy dark day in the UK   The team also offer hostess
                                                                                                        Crew. (Photo: Supplied)
        In addition, Sumol and   readjusting its structure”.  we decided our dream was   days where clients can learn
                                                                                about tropic skincare, 5 steps
      US tax rules for a                                          N             to clear, healthy and younger   for a facial.   tissue massage or a luxury
                                                                                looking skin.  During these
                                                                                                                                deep cleanse facial using
                                                                                                        “We also organise bespoke
                                                                                packages the hostess receives
                                                                                                                                the award winning organic
                                                                                                        retreat holidays making sure
      Delaware LLC                                            Swing Greene      a complimentary facial while   your trip is tailor made to   skin care range tropic, will
                                                                                discussing the products and
                                                                                                                                certainly help to release any
                                                                                                        suit your requirements and
                                                                                the basic steps of a good
                                                                                facial.  The Pamper Crew   budget.  We like to think out   stress and tension you may be
                                                                                                        of the box offering lots of
      If you are the owner of a Delaware Limited Liability Company              offer small starter kits to   ideas and options.  For further information,
      (LLC), it is essential that you know what you have and what your          help with your daily skin   “So if you are feeling like you   please visit  www.
      responsibilities are.                                                     care routine, alternatively   need cheering up as we deal or www.
                                                                                they make ideal Christmas
                                                                                                        with these strange times, a
                                                                                gifts along with a voucher   relaxing aromatherapy deep   retreat-packages
        Requirements are in constant flux and   Currently, the State of Delaware imposes a
      need up-to-date procedures. If you have   flat annual tax of $300 on LLCs. The levy is
      held your company for several years, current   due on or before 01 June with a $200 penal-
      compliance obligations may be a far cry from   ty for late payments.
      what you started with. Failure to comply can   Under certain circumstances, owners of an
      be both time-consuming and expensive.  LLC may choose to have their business treated
      US Federal taxes                     as a taxable corporation. The State of Delaware,
        A legal Limited Liability Company (LLC)   like almost every other state, taxes corporate
      in Delaware with more than one member   income. Corporation income tax in Delaware
      (shareholder) has a default status of a tax   is a flat 8.7% of federal taxable income.
      partnership. The LLC is not in itself a tax   “FBAR” compliance
      paying entity but passes any taxation on   If a Delaware Company has a financial
      income and expenses to its shareholders as tax   interest in or signature authority over an over-
      partners. These non-US resident tax members   seas financial account, the US requires annual
      are responsible for assessment on any net   reporting to the Internal Revenue Service
      profits at 30% of their US-sourced income.  called “FBAR”. This obligation can under-
        As a non-resident owner of a Delaware   mine any element of confidentiality in addi-
      LLC, foreign-sourced income is not assess-  tion to adding another on-going compliance
      able in the US. However, there are still strict   commitment and cost. “FBAR” non-compli-
      reporting requirements. Members must file   ance is subject to a $10,000 penalty.
      1040 NR individual income tax returns even   The Alternative
      though there may be, in fact, no taxable US   The litany of problems goes on and on. Re-
      income. These annual reporting require-  domiciliation can be an attractive alternative
      ments were introduced in 2017. As part of   to the ever-growing list of headaches associ-
      the process, shareholders need Individual   ated with Delaware LLCs. When a company
      Tax Identification Numbers (“ITIN”) which   moves its base of operations to Portugal, there
      can be obtained at the time of filing the tax   is no asset transfer and no assessment takes
      declaration. Application for the ITINs in-  place. Only the headquarters and effective
      volves submitting “apostilled” documentation   management change. Assets remain securely
      including reporting on identity. Non-com-  within the Company. In addition, there is
      pliance carries a fine of $10,000.   often an opportunity to uplift the share value
      Delaware State Taxes                 of the LLC which can be doubly beneficial
        Unlike most states in the US, Delaware   due to the fact that many Delaware compa-
      does not require an LLC to file an annual   nies understated share capital at the time of
      report. However, companies must pay an an-  formation. Annual running procedures are
      nual “franchise” tax. By default, since LLCs   stable, and costs are modest, often a fraction
      are “pass-thru” tax entities, the responsibility   of charges for Offshore Companies.
      for paying federal and state income taxes   Dennis Swing Greene is chairman and
      “passes thru” the LLC itself and falls on the   International Tax Consultant for euroFINES-
      individual LLC members (shareholders).   COs.a.
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