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For a US citizen residing in the UK, what are the major considerations and pitfalls to consider before starting a business (online)? Does it matter whether the business would cater almost exclusively to the US market?

If the US citizen resided in the US, this would almost certainly be an S corporation (in Wyoming or Delaware). If the UK resident were not a US citizen, this would almost certainly be a UK limited company. Is any choice particularly disadvantaged in either tax system?

Would it change if the individual is also employed in the UK, files Form 1116 (instead of 2555) for US tax purposes and does not currently complete a UK self-assessment?

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