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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2325
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Which state is most advantageous for establishing an LLC

Customer Question

Which state is most advantageous for establishing an LLC? Issues of concern to us are: 1. Formation Costs, 2. State Agent requirements, 3. Ability to establish credit without personal guarantees, 4. Taxation rates at or near zero.

Thank you.
Submitted: 4 years ago.
Category: Tax
Expert:  MequonCPA replied 4 years ago.

What business activities will be performed by the LLC and where will they be performed.

 

Where are the members located.

 

 

Customer: replied 4 years ago.

Steve,

 

Thank you for getting back to me. My wife is a licensed clinical social worker - certified (LCSW-C). She will be performing her services in Maryland and as the sole member of the LLC, she also resides in Maryland.

 

Let me know if you need any other information (she has malpractice and liability insurance lined up as well through the NASW - National Association of Social Workers).

 

Thank you,

 

Matt

Expert:  MequonCPA replied 4 years ago.

Dear 80lhx0ck -

 

If your wife operates as a single member LLC, the income will be reported on Schedule C on your individual income tax return.

 

Regardless of where you organize the LLC the income is subject to MD tax. The office location is MD and the services performed are in MD. In fact, if you organize in another state, you will also need to register your "foreign" LLC to operate within MD.

 

 

 

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CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.