What State Should You Setup Your LLC??
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- Опубліковано 27 чер 2024
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This video came out at the right time for me. I had this question for a long time and I was debating about where to file my LLC. You have pointed me in the right direction and I appreciate your guidance. Keep up the good work and thank you 🙂
As a Navadan, I'm just starting my small business and doing my research. I'm so glad that initially I was getting just do my LLC in Nevada prior to all my research and now watching this video really solidify my decision on starting my LLC in Nevada.
Nevada forces you to disclose directors, president, secretary and treasurer within a few months of opening. This is pretty much the same as disclosing owner. I would honestly rule that one out. Delaware and Wyoming are the GOAT. Also Wyoming has a Chancery Court as of 2022. Wyoming is the GOAT, just know that you have DISCRETION on having someone else (like your registered agent or lawyer) write down their name as the "organizer", otherwise your name will be on public record, and also the same when you file annual reports.
I agree. I believe NM also has anonymous LLCs.
I love your stuff. You have helped me a lot. Keep it up.
Great video!
Thank you for the information. You are always on point with the details.
I'm thinking of opening mine in LA, but the fees are absurd
YAY‼️ Thanks, Karlton.
Wyoming has a Chancery Court as of 2022. This makes it better than Delaware in yet another way, it already won being fast, cheap, while being on par with privacy. A bonus "land of opportunity" perk is that if you don't like Delaware case law you can argue for the opposite/different outcome in Wyoming since they won't be bound to prior cases yet.
Deciding where to set up an LLC, and my businesses I need to incorporate will definitely be in multiple states. Important to me is looking for anonymity and lowest income taxes. Wyoming might be a best choice for me since I am also actually possibly choosing to live there some day.
Main point that is an issue: digital sales taxes for online taxes are charged in the state of the business office. For a huge corporation maybe not a big deal, but that 2-2.5% (or more) sales tax savings for subscription purchases and digital purchases and digital advertising taxes adds up over time and DOES make a big difference for the small business. Of the states with no income tax, Wyoming also has the lowest sales taxes.
If you are a U.S. resident and you form a Wyoming LLC, in most cases, you will need to foreign qualify in your home state where you have nexus. This applies to entities in all states, just as Wyoming is popular. If you are a non-resident, that is a very different situation. There are exceptions for every situation, of course.
Thank you so much brother!
Hey chief thanks for the valuable information. Please do include your social media handles in the description for future videos It helps.
Great Information Carlton! 👍🏾🏆
Great info
Thank you this was very helpful
Very informative, Giving Thanks
Hi there! I am so glad I found your channel. First off, thank you! I have been struggling for years on how to set up a business and just stumbled apon your videos recently after deciding to give it another go at starting my own business. Which brings me to my second point. Would you be able to give an explaination on how you would write a business plan for say a candle company? I love your example using the Candle Co and it would give me a better idea of how I can write my own. Not a Candle Co though.. I'm a seamstress and jewelry designer opening a solo LLC. Though from what I've researched already it looks like I'll be working towards setting up a UA-cam channel myself. And that's a whole other skillset on top of business owner and operator... Thirdly, would you be able to breakdown better what bookkeeping and/or accounting looks like for a brand new business owner? It feels daunting to me trying to figure out what is considered bookkeeping vs accounting. I know I can do this, it just feels confusing when I have never done this before let alone I wasn't around many people growing up to know what goes into running my own business. I know it's a lot of hard work with little rewards to begin with. In my mind the journey and struggle are apart of what gives us purpose and meaning to work towards the reward that makes the final outcome worthwhile. Rather than just having a destination to get to. Again... THANK YOU! You have been a tremendous help in helping me get my ideas drawn into a plan. I have learned so much already! ^_^
I live in Arizona. Nevada will be a good idea.
yes sir no residency requirements
Thank you for the intel! I live in Los Angeles and was planning on using your site to form my LLC. If I wanted to add another business later on, would I have to change anything?
Dude wow thank u for this
I just filed for an llc in Wyoming, but the business is completely remote. I still have yet to find anything online explaining what digital nomads should do if they actually have no "physical office".
Although I put my families home as a principal address, it looks like I'm still going to have to pay California's taxes since I'm currently resided here....):
Virtual address
Can you do a video on LLC for social medial company for example UA-cam.
When in a Multi-member LLC, Hiw would one come about when buying real estate to off-set personal expenses. Or can both owners invest in the same property to offset personal expenses.
Also, would it be different if you bought real estate with the LLC to off-set net income, in turn to offset Self employment tax ?
I am getting ready to start a winery type of operation. I live in CA, but would there be any advantage to doing the LLC out of Wyoming of Nevada?
Which state would be best for real estate (wholesale and fix and flip) if I want to find properties from different states?
I previously lived in Nevada and returned to my hometown of MA. I must admit it's much easier to have an LLC in Nevada vs. Taxachusetts.
That’s your biggest mistake you’ve made, I live in MA my whole life and idk what in God world make you move back into a mass hole 🕳🤦🏽♂️
All the Northeast states are bad apart from Delaware ! Like they make bottom 15 worst states for businesses
@@Blkknowitall Family. But now I'm in SC
@@christinastevenson3282 another good state too but it’s getting expensive now
Seriously lol
Is Tennessee a good state?
new real estate agent, should i open an LLC in Delaware? will only be selling/renting in NYC
How about Idaho?
Overall, this is a good video. When you have multiple levels of entities, ensure you have the correct flow of capitalization for your ownership and accounting.
Can you make a video about adding your child(ren) to your LLC and which way would be the most tax savey ????
I’ve watched videos where you can put a minor on your payroll paying them under 10k and you are saved via taxes.
I’m about to start up a single member LLC. Issue is, I’m active duty military, stationed in NC., a legal resident of FL. (Fed taxes) and will be retiring from active duty and settling down in AZ. in 2 years.
I presume to start in the LLC in FL, then transfer the business to AZ. after retiring from military.
Is this presumption valid?
Nevada is the best decison…
What site should I use to set up my llc?
Where should I set up my LLC for a mobile business that travels throughout all of the United States.
How do you switch your llc if you moved to another state?
What if moved to another state should I still file from the state I’m originally from even if I wasn’t familiar with their laws?
Is it true that if I LLC my management company in a more landlord friendly state (ex Texas) that tenant landlord/evictions processes use that states laws? I live in philly where landlords are hated 😂
What if I live down south and I want to buy real estate up north?
For a person that gives solid advice online, you don’t do too well when it comes to getting in contact with you over the phone or email. Why do you have to be someone that is in the market to buy real estate just to schedule a phone appointment not relating to taxes?
If I have an eBay business that ships from NJ to the rest of the country/world, but only currently makes 20,000 a year profit, is it worth setting up an LLC. My primary goal is to pay less taxes and not pay tax on purchases for resale.
Should I set up a llc as a beginner before any revenue?help!😭I’m so lost on that part
I hope Minnesota is, if it ain't I'm moving to Florida 😁 welp, Nevada or Wyoming here I come.
What if my business just operates on the Internet and I sell things internationally?
I really want to form my company where I live and then register it in another country for tax reasons and purposes
If I’ve already set up my llc in one state, can I transfer over to another?
California always
Forming an LLC by a lawyer and having them act as a 'registered agent' seems to give more discretion. This fact is thanks to the 'lawyer - client' legal relationship of trust provided for by law. After all, a lawyer cannot simply provide information about his client. So from that point of view it seems better to work through a lawyer... Or am I seeing it wrong?
What if your buying real estate in another state?
Can I move my LLc from Pa to Sc and keep same company name and EIN?
So Delaware, Nevada, or Wyoming
Hi, I reside in NY and have a rental property in Florida. should I set up a LLC in FLorida or NY? thnks
Do we still have to pay that ridiculous $800 fee in California is we setup outside California?
What would be best for a foreigner opening a restaurant with branches in different states? I saw in another video that I have to open an LLC in all states where I'm operating, but I also saw that I can have one main LLC and that LLC can own the other ones. Thank you!
Some kind of holding company
I just set up my LLC in Texas because I live here. However I want to do business in other states like Colorado. Can I do this?
Does your company deal with cannabis related businesses?
Is there anyway I can contact you personally ?
I’m an Illinois resident and I want to make my LLC in WY, do I make my EIN for WY too?
When is your next 5 day challenge?
Not in California
does the new 2024 BOI FINCEN RULE ruin any chance of being an anonymous business owner in these states
I’m a single member LLC that already inc’d in Delaware. From my research it says single member llc is a “disregarded entity “. So does all that “foreign llc” stuff matter? Can any provide clarity to this.
"Disregarded" just means that it doesn't make its own separate tax filings and no partnership filings, while still providing you with some default level of liability protection. It is a different concept than state level foreign LLC stuff, for that I would say look up whether you NEED to file in your state as well as the consequences for non-compliance in your state, you might be amused :)
Can I purchase land in Belize with an Llc
It's disregarded for tax purposes only. SMLLC are disregarding for federal purposes. Meaning, you will use a Schedule C on your personal tax return to report the LLC's "federal tax return.'" Depending on your state you might still need to file a state LLC tax return. If DE designated your LLC as a disregarded entity then you will not have any tax return filing requirement.
Hi i live in NJ, I want to start my own business as mobile mechanic service, but for now I want to work only weekends or after my personal work until I have all my customers to move full time, and of course if everything works out for me I want to set up my own workshop.
what type of company do you recommend LLC or s corp?
llc in your state
Are you able to register an LLC in 2024 if you do not live there due to businesses being required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) to identify those who directly or indirectly own or control the company?
Karlton, I live in Texas, and purchasing a buy and hold rental property in California. Am I required to have the LLC in California?
Yes you are $800 per llc
I live in California is it true if i setup a WY LLC it will be a foreign LLC? ill basically be taxed in both states ? I really dont wanna pay the $800 annual fee of Cali
Did you ever figure this out im in the exact same situation
Is Florida a good place?
Definitely
All the kardashians transferred their llc to Delaware and converted to a Corp. Now i know why!
If your business is in Texas, should you really set your LLC in Nevada or Delaware? If so I may consider it.
Just pay the 300$ you keep the LLC forever. After all the fees you will be spending more.
If you're operating in TX then you can expect to be hauled into TX courts. Use a TX LLC and when you create it use a WY LLC as it's managing member. This will give you protection from unsecured creditors and provide privacy since WY doesn't require you to publicly report who the owners of the WY LLC are.
Karla now?
His knowledge on this is sexy im sorry i been wanting to say this every video 🤣
As a day trader. If, i trade under a business like a llc or s corp making over 500,000 a year. It would be best if i registered my business in one of the three states you mention instead of my home state??
I have the same exact question lol
What you end up doing ?
curious about this as well lol
ANO .... NYM..... ITY.... good heavens Karlton AH.... NON..... NIM... ITTY
can i make an LLC for two businesses?