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Best State for Filing LLC?

Discussion in 'Business & Tax Advice' started by bmoredcg, Nov 10, 2012.

  1. bmoredcg

    bmoredcg Junior Member

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    What's the best state for filing an LLC? I think Wyoming is the best place to do it, but I don't know much about tax law.
     
  2. DarkMage

    DarkMage Registered Member

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    Nevada and Wyoming are pretty equal to file for a LLC. Forget about Delaware TBH....
     
  3. worldbh

    worldbh Registered Member

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    If you think Wyoming is the best place to form an LLC you are RIGHT-
    You need to use a Registered Agent and I used Wyoming EZ Corp and they charged me $251.00 for everything which includes the state filing fees of $100.00 plus I received my LLC corporate book, LLC Stamp [You want a stamp] not the metal embosser normally provided. Annual State of Wyoming filing fee is $50.00 and the annual registered agent fee costs another $100.00

    The smartest thing anyone could do for themselves is to create an LLC that allows for "Bearer Shares" . This is the most powerful legal protection and estate planning tool you can use.

    I hope this helps.
    I cannot PM but you can Skype me - jz.zabo
     
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    Last edited: Nov 10, 2012
  4. x5050

    x5050 Junior Member

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    It depends what type of business you're in as well. The tax benefits of Nevada and Wyoming are indeed the best in the country, but you should also consider legal ramifications. As someone who works in the entertainment industry, I can tell you it's worth paying a bit more in taxes every year to be in a state like California or Tennessee where many entertainment lawyers reside compared to a state like Wyoming for instance.
     
  5. Raven13

    Raven13 Power Member

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    Go for Delaware.
     
  6. worldbh

    worldbh Registered Member

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    Wyoming is the best because of their strict protection laws. You can always register a Wyoming LLC as a foreign entity to do business in any State in the USA. If I were in the entertainment business I would hold my licenses in a Wyoming LLC no questions, the best thing you could do for protecting yourself and saving bundles of cash.
     
  7. adroit

    adroit Senior Member

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    Like if some one want to get started business in USA i.e Wyoming for software business ..is it good to start / register company in Wyoming ????
     
  8. bmoredcg

    bmoredcg Junior Member

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    Yes, it does thank you!

    So it's $150 a year to renew LLC? What do you do about the bank accounts? Is that in your own state or Wyoming?

    Well I think most on this board are not opening entertainment companies, most are in the IM or web business. The LLC would be for any websites I am going to launch in the future.
     
  9. acappel01

    acappel01 Newbie

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    Right now Montana and S. Dakota are very popular due to the fact they allow you to register with complete anonymity. They have no personal or corporate income taxes and have very low fees to file LLC or Corp. Wyoming was the first state to offer protection for LLC's and its a great state as well. Nevada's asset protection has tons of holes in it and there are more disadvantages to Delaware than advantages unless you are a very large company. Don't forget that just because you incorporate in another state does not exempt you from your own states income tax laws or exempt you from the requirement to register as a foreign entity in your home state. Personally I am registered in Wyoming for an LLC and S. Dakota for a corp. Cost wise, I think Montana is like $89.00 and you can file the paperwork yourself.
    If you want to escape having to domesticate a LLC or Corp in another state its pretty easy, get a virtual office for $75 bucks a month with mail forwarding and call forwarding service. Make sure EVERYTHING tied to the company goes through that address and telephone number. Set up your EIN and bank accounts with your virtual address.
    If you really want to go crazy, set up a holding company in Panama; then open your corp in one of the US states above and issue all shares to your Panamanian entity. Your holding company bills your corp for "services" "rent" "marketing" and you pay the holding company from the domestic Corp or LLC. Then at the end of the year there is ZERO income ZERO assets ZERO anything available through the US company. The holding company holds your interests and assets and since its never actually conducting business except with companies it owns there is a massive firewall between your cash and any potential liability in the US.
    Just my 2 cents.
     
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  10. cmorrow

    cmorrow Newbie

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    Definitely like the idea of registering with the anonymity in states mentioned such as Montana and S. Dakota, now i need to find a virtual mailbox
     
    Last edited: Nov 11, 2012
  11. worldbh

    worldbh Registered Member

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    This is a great answer - but I do not htink it is for a newbie. - Just start with the Wyoming LLC and do not worry about your bank accounts. You can have banks for your LLC any where in the world.

    If you start to make big bucks - investigate and follow some of the advice in the above message.

    Obamas re-election is going to cause a lot of entrepreneurs to seek ways of protecting their income and assets, me included
     
  12. bmoredcg

    bmoredcg Junior Member

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    Damn, really? Might have to look into Montana but I haven't heard much about filing there. I will look into more though.

    Definitely true! Besides if big corporations get out of taxes, why can't we?
     
  13. acappel01

    acappel01 Newbie

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    If you need a virtual mailbox you can go on craigslist in any major city in the above states and look under commercial real-estate for virtual offices. Or companies like Regus and a few others have them all over the world. The cool thing is that depending on the plan you get with them, you have access to any of their properties around the world. Which can come in handy.
    As for actually incorporating, its really not very hard for a small company or LLC. If you are trying to be anonymous then you want to pay a proxy to do it for you and act as the registered agent/proxy in the state. If you don't care about anonymity, most states have a complete guide and all the forms you need on the secretary of states website for whatever state you are looking at.
     
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    Last edited: Nov 11, 2012
  14. bmoredcg

    bmoredcg Junior Member

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    Is it a good idea to be anonymous for tax reasons?
     
  15. unclemike

    unclemike BANNED BANNED

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    Yeah I agree Wyoming is about the best place to register a LLC. I personally think it served a better
    purpose than Nevada and Delaware.
     
  16. innosoft

    innosoft Jr. VIP Jr. VIP Premium Member

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    is this idea still valid??
     
  17. unashamedfisch

    unashamedfisch Junior Member

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    I have been told Nevada by many different people and my dad has done that before
     
  18. GlobalSolutions

    GlobalSolutions Jr. VIP Jr. VIP Premium Member

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    Nevada or Delaware.