Have a Tax Question? Ask a Tax Expert
Hi ther me again ....( thought I'd give someone else a chance to answer, but your question's still out there) so ...
This would essentially be a cost/ benefit analysis .... that s to say ...
I am more worried about tax penalites
is there a standard way to do it?
a preferred way
look at the costs, to wrap up the existing LLC , unless you want to do some really atypical stuff with sharing of partnership (LLC) losses and/or gains, etc through the LLC, adn just start a C-Corp in Wyoming
If you don't wind up operations for the LLC
you'll have to keep doing tax returns for it
a corporation goes on forever, unless you mdissolve it
I think it would be cleanest just to pay the nomimal fee to closed dow the LLC with Wisconsin and the start a new C-Corp in Wyoming
what about merge
you'll have to file with the sec of state in Wyoming for the new Corp regardless
I guess ... can't see a financial or tax reason
do you have NOL carryovers?
I am totally clueless on this... I have credit history and good standing for over 4 years and would like to make things as painless as possible. Plus there is a good sum of funds in the bank.
found this on moving http://www.bizfilings.com/learn/moving-business.aspx
Maybe this... (last option) Form an LLC in the new state and merge the existing LLC into it. This is viewed as a continuation of the old LLC and no new federal EIN is required. There are also no immediate tax consequences, provided LLC members from the old state continue to own at least a 50% interest in the capital and profits of the LLC in the new state.
Since the LLC is a passthrough, and it sound like you don't have any lingering debts against the company (both LLC and C-Corp provide that veil, that protection of personal assets from business creditors) I can't see any reason to continue the LLC
Then file so its tax as a C corp afterward?
might be a lot less headache and a nice fresh start to simply start the new business "clean," if you will
I can... that tax id gives me history as a line of credit. Without it I have to wait 2 years to get a new AMEX card
Yep, certainly less paperwork to just file with sec of state in Wyoming
OK .. maybe ... I actually wokred for AMEX from 1991 until 2001
their lareg market card went agains corporate credit ... but the small business card (if you read the fine print really looks at your personal credit anyway
Remember the LLC is a passthrough ... they'll simply look at everything you AND your business dealings .. from a credit underwriting perspective
ok... just wanted to make sure I avoided any obvious mistakes
Only VERY large corporations get the AMEX card based on business credit alone ... (remember how they asked for YOUR ss number?)
I would like to work to get business credit... and seperate my personal credit.
my business is based on overseas work... and use my AMEX card exclusively to fund their work
Most credit card issuers look at both until you get a certain number of employees or gross sales ... I would ask each specific company where they make that cutoff
AMEX certainly works best internationally
ok... thanks. Have a wonderful weekend.
u2, and good luck! ... I'm curious, what does you business do?
My US business is a business solutions provider. Marketing and technology. Most of the income is creating custom business web apps.