Anyone make an out of state LLC ok??

jboone733 · #1 01-06-2015

Ive been reading that Nevada, Wyoming, and Delaware are ideal for new LLCs with the laws and taxes. Ive read that Amazon had a new law go against it though forcing taxes. Has anyone had a successful LLC for a different state or dealt with this personally?

yankee · #2 01-06-2015

yes........

forbizus · #3 01-07-2015

Same question was in my mind few days ago, I'm interested how to do that! But I guess you need to have a Parent living in one of those States. Indiana is really cheap for this!

yankee · #4 01-07-2015

Quote:

Originally Posted by forbizus

Same question was in my mind few days ago, I'm interested how to do that! But I guess you need to have a Parent living in one of those States. Indiana is really cheap for this!

You need to have an address and file with the IRS and State. That is what you need.

yankee · #5 01-07-2015

Quote:

Originally Posted by forbizus

Same question was in my mind few days ago, I'm interested how to do that! But I guess you need to have a Parent living in one of those States. Indiana is really cheap for this!

Why is Indiana a good state to open a company?

Typically an internet based business would file in a tax and business friendly state with Number one being WY currently followed by Nevada.

rsot · #6 01-07-2015

Financial professional help is in order

forbizus · #7 01-08-2015

Quote:

Originally Posted by yankee

Why is Indiana a good state to open a company?

Typically an internet based business would file in a tax and business friendly state with Number one being WY currently followed by Nevada.

Thanks for the info yankee.
Well I just said Indiana because I'm in IL and it's really expensive to file and LLC or Co. here. over $500 here 100 something in IN.

Regards

vogeltron · #8 01-08-2015

Good post I have wondered about doing this in Nevada myself.

jboone733 · #9 01-08-2015

I will break down and get attorney guidance. But just wondering other peoples experiences have been like?

yankee · #10 01-08-2015

Quote:

Originally Posted by jboone733

I will break down and get attorney guidance. But just wondering other peoples experiences have been like?

What do you mean exactly?

Cracker100 · #11 01-08-2015

Quote:

Originally Posted by yankee

Why is Indiana a good state to open a company?

Typically an internet based business would file in a tax and business friendly state with Number one being WY currently followed by Nevada.

WY is the best right now...Nevada not so good anymore.
If you open a new business out of Nevada they IRS are watching any new companies closely that are opened from that state.

vogeltron · #12 01-09-2015

I am super curious not just about incorporating in a different state. But collecting sales tax and filing tax documents in that state each year.

yankee · #13 01-09-2015

Quote:

Originally Posted by vogeltron

I am super curious not just about incorporating in a different state. But collecting sales tax and filing tax documents in that state each year.

You file in a state that does not have sales tax or state taxes. State such as WY is one of these states.

Your CPA or whoever files your taxes does everything as usual for your company. Your company may have to pay you a dividend or a salary and that is handled via the state you reside in.

It is EXACTLY the same as if you filled in the state you reside in but with less liabilities as a general rule and setup correctly.

jboone733 · #14 01-09-2015

Quote:

Originally Posted by yankee

What do you mean exactly?

If you had any common complications, taxes are more a pain, or anything to be wary of

yankee · #15 01-09-2015

Quote:

Originally Posted by jboone733

If you had any common complications, taxes are more a pain, or anything to be wary of

Not at all

Taxes are LESS complicated because I get to keep a lot more of my money.

GreenBean · #16 01-10-2015

Quote:

Originally Posted by jboone733

If you had any common complications, taxes are more a pain, or anything to be wary of

If you take professional advice, there should not be issues.

yotano211 · #17 01-10-2015

Quote:

Originally Posted by Cracker100

WY is the best right now...Nevada not so good anymore.
If you open a new business out of Nevada they IRS are watching any new companies closely that are opened from that state.

What the hell are you talking about, Nevada still is a great place to open any business, just make sure you dont need a business that requires highly educated employees.

And the IRS always watches any and all business, its part of their job to do that.

Show me a link to prove your theory.

yankee · #18 01-10-2015

I agree WY is best now.

NV has newer issues such as mentioned above in addition to nothing is private at all along with talk of a state tax in the future.

Not to say there is anything at all wrong with NV either.

yotano211 · #19 01-10-2015

Quote:

Originally Posted by yankee

I agree WY is best now.

NV has newer issues such as mentioned above in addition to nothing is private at all along with talk of a state tax in the future.

Not to say there is anything at all wrong with NV either.

There is no talks about a state income in NV ever, they are just trying to reform the complex tax code. Most of the taxes trying to be reformed goes to service taxes.

Vegas chamber unveils sweeping options for state tax reform | Las Vegas Review-Journal

And there is never any privacy with any state. With the right warrant, any police can get your info. But WY does lean more toward privacy vs other states.

But you have to think about this, when you open a LLC in WY, you will need out of state registered agent. If you want to open a business bank account with any bank, they might not allow out of state registered agents, like Chase bank.

I talked to Chase bank about this issue, I dont know what or how the convo started. But they told me that beginning in early 2014 or late 2013, they will not allow out of state registered agents anymore with business or certain business.

So certain banks might be a hassle to open with, BOA has no such rule.

yankee · #20 01-10-2015

WY is much more private. For example, you can not type my name anywhere and find my companies in WY, but you can in NV. Also, if you need bearer shares and want to be very private, WY is the only state that currently offers this, but this is a unique situation not needed by very many people.

I like NV too, just happens to be WY is better for me now anyways.

yankee · #21 01-10-2015

Great info yotano211

yotano211 · #22 01-10-2015

Yea, good info but I need bank accounts so anything out of state does not work for me. I kinda happy I live in NV, well mostly.

But most of these things have to be confirmed with any accountant. Just like any lawyer, write down all of your questions, seek help with a accountant for 1 hour and go from there. Best $175 I ever sent, and yes I did use up the full 1.1 hour with bombarding him with questions. He gave me an extra 10 minutes for free.