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CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10215
Experience:  I am a businesses law attorney, with experience advising and representing owners and investors.
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Let me introduce myself. My name is XXXXX XXXXX just recently set up the S-Corp about 2 we

Customer Question

Let me introduce myself. My name is XXXXX XXXXX just recently set up the S-Corp about 2 weeks ago under Illinois state (home state). My company has one employee (myself).

Long story short, I was told by someone that I would receive more benefits (taxes) if I incorporate my business in Wyoming state. Is it true?

If I plan on taking this route by setting up a new company in WY, what do I do with the existing company in my home state?

Do you think it's a good idea to set up a new company in WY? Is it worth it? Thank you.
Submitted: 3 years ago.
Category: Business Law
Expert:  CalAttorney2 replied 3 years ago.

Attorney William B. :

Dear Customer, thank you for choosing Just Answer. I would like to assist you today (I will caution you in advance, I cannot answer your question in full as you are asking for specific legal advice which requires the practice of law, and some of the answers here will be fact specific and I do not have all of the information regarding your business to make that determination. I can however give you some general information about the differences between LLCs and Corporations, as well as why some businesses choose to set up out of state vs. in state.

Attorney William B. :

Please let me know if you would like me to proceed, otherwise I can "opt out" and allow another expert to review your question and perhaps offer something more (none of us will practice law through this forum however). Your account will not be charged until your question has a satisfactory answer, but I want to make sure that I can offer an acceptable response.

JACUSTOMER-fjchh6w4- :

I think I would prefer to be opt out if you don't mind

JACUSTOMER-fjchh6w4- :

thank you for your assistance though

Attorney William B. :

No problem. I wish you the best.

JACUSTOMER-fjchh6w4- :

you too as well.

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