Canadians have the right, just as US citizens, to form U.S. corporations and LLCs; act as officers and managers and have ownership in these entities.
An issue arises when it comes to tax time. Since Canada taxes its citizens on their worldwide income and the U.S. taxes the income earned in the U.S., the potential arises for both countries to tax the income of a Canadian citizen who earns money from a U.S. company.
To alleviate the "double tax" burden, there is a U.S.-Canadian tax treaty which attempts to proportion the taxes between the two countries whether it is a Canadian citizen earning money in the U.S. or a U.S. citizen earning money in Canada, so that only one tax will be paid on the income.
To obtain the details of this treaty go to www.irs.gov/faqs/faq13-1.html. This should provide you with substantial information regarding the tax obligations.
Of course, it is always best to solicit the counsel of an attorney or cpa when examining these issues.
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Since when does Canada tax its citizens on worldwide income??? As far as I know, it taxes on the income you earn in Canada and the income you submit to Canada. But, if you earn income in the U.S. and direct it toward, say, a Panama Corporation, it's not taxed at all--not until it's remitted to Canada.
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