So.. I'm a full-time salaried employee here in the US. I have gotten some freelance opportunities from abroad to do some work on the side..

Generally, would it be more beneficial to register an LLC, and do this foreign work/receive payments under that, or can I use the foreign earned income exclusion to my advantage?

Any help will be appreciated.

Thanks

Aslongas the LLC is a SMLLC it is just like a sole proprietorship; you need to pay quarterly estimated taxes or need to file Sch C/SE or etc. However, if the LLC is a PS, An LLC which has more than one member , MMLLC filing form 1065, then, the LLC itself does not pay taxes directly to the IRS; the individual partners pay tax based on their share of ownership in the partnership on Sch K1 of 1065.
The partnership files an information return with the IRS on Form 1065. Then a Sch K-1 is prepared for each partner, showing the share of the profit/loss of the partnership. The K-1 is filed with the partner's individual return and the gain/loss is shown on the partner's Form 1040. So, you do not file Sch C but you still need to pay self employment tax on Sch SE;also, you can claim any income taxes paid to the income overseas on your 1040 line 47 or on Sch A line 8 and for claiming foreign tax on the foreign income, you need to file form 1116. The current rule is that any owner who works in or helps manage the business must pay this tax on his or her distributive share . However, owners who are not active in the LLC that is, those who have merely invested money but don't provide services or make management decisions for the LLC may be exempt from paying self-employment taxes on their share of profits. The regulations in this area are a bit complicated, but if you actively manage or work in your LLC, you can expect to pay self-employment tax on all LLC profits allocated to you.

Each owner who is subject to the self-employment tax reports the amount due on Sch SE, which must be submitted annually with his or her tax return. LLC owners (and sole proprietors and partners) pay twice as much self-employment tax as regular employees, because regular employees' contributions to the self-employment tax are matched by their employers. However, you, as an LLC owner, also get to deduct half of the total amount from their taxable income, which saves a few tax dollars. The SECA tax rate for business owners is 15.3% of the first $118,500 of income for 2015 and 2.9% of everything above that.