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I am looking to form an LLC in Wyoming. I live in CA. I will…

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I am looking to form an LLC in Wyoming. I live in CA. I will be conducting business in 47 states. What are the pros/cons of each state. Especially when it comes to doing business and paying taxes.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not at this time. I am trying to get my LLC up and running so I can get started.

Submitted: 5 months ago.Category: Finance
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Answered in 12 hours by:
3/31/2018
Financial Professional: bkb1956, Finance Enthusiast replied 5 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 7,025
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you form the LLC in Wyoming, you will also have to register as a foreign LLC doing business in CA because that is where you reside. Any income will be reported on your CA tax return. Wyoming has no state income tax.

By conducting business in 47 states, do you mean that you will have a physical presence (nexus) in those states or do you mean you will have customers located in those states?

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Customer reply replied 5 months ago
I will be finding people who are owed money from excess proceeds. I will collect between 20% to 35% of whatever I find. I will do all this from my home. If you are able to give me a recommendation, would it benefit me if I do a LLC in Wyoming? Others who live in another state are doing the same thing but using a Buffalo Register Agent to file an LLC. But I just want to make sure I do this right. Also, can you tell me what is the yearly tax rate for a LLC in CALIFORNIA? If I do or do not register in Wyoming?
Financial Professional: bkb1956, Finance Enthusiast replied 5 months ago

If you are forming the LLC in Wyoming to avoid CA taxes, that will not be possible because you are a resident of CA and pay tax on all of your income.

If you will are located in CA and will be operating in CA, you should form the LLC in CA. If you form the LLC in Wyoming, you will still have to register the LLC in CA as a foreign entity doing business in CA.

CA has a minimum franchise tax fee of $800.

You can form the LLC yourself or choose a service to do it for you.

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