Wyoming VS New Mexico LLC What is better?
- Thread starter Luganese
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I have some full service solution for WY.
Asset Protection and Tax Advisors - Anderson Business Advisors will do accounting and tax filing too and serve as your registered agent and nominee. They can do other states too.
https://wyomingllcattorney.com/ will do the virtual office and LLC paperwork, but will not do taxes.
Asset Protection and Tax Advisors - Anderson Business Advisors will do accounting and tax filing too and serve as your registered agent and nominee. They can do other states too.
https://wyomingllcattorney.com/ will do the virtual office and LLC paperwork, but will not do taxes.
Isnt it better to form an offshore LLC due to if a lawsuit happens it does not sue you if your offshore correct ?
Why go with Delaware or New mexico ?
Why go with Delaware or New mexico ?
You can get sued in offshore jurisdiction too. However it cost the plaintiff way more money to do so, and it is often so cost prohibitive that it gives you a better position to settle.
Why not everyone is using offshore jurisdiction to protect themselves: mainly cost. It is way more expensive to get an offshore structure: you get higher fee to create and maintain. You often need︀ also to hire a local nominee, rent a local office. Also as you have probably︁ noticed in this forum, getting a bank that will accept these structure is difficult and︂ the fee available have also high fee so it will create a lot of burden︃ for your daily operations. Last but not least, your cost for tax reporting will be︄ also increase tenfold.
Usually, one will have a local structure for operation, and transfer the︅ profit regularly to an offshore structure to keep it protected.
Why not everyone is using offshore jurisdiction to protect themselves: mainly cost. It is way more expensive to get an offshore structure: you get higher fee to create and maintain. You often need︀ also to hire a local nominee, rent a local office. Also as you have probably︁ noticed in this forum, getting a bank that will accept these structure is difficult and︂ the fee available have also high fee so it will create a lot of burden︃ for your daily operations. Last but not least, your cost for tax reporting will be︄ also increase tenfold.
Usually, one will have a local structure for operation, and transfer the︅ profit regularly to an offshore structure to keep it protected.
This thread is a very old thread compared to how many changes there have been since this was posted and until now.
I would not be surprised if we see some major changes in both New Mexico and Delaware as well as the many other low- / no tax states in the USA. It will be a game changer, better go ahead and form one or two of these beauties before it is to late.
You don't want to miss out and later have to by a New Mexico or Delaware LLC for big money because it become rare.
I would not be surprised if we see some major changes in both New Mexico and Delaware as well as the many other low- / no tax states in the USA. It will be a game changer, better go ahead and form one or two of these beauties before it is to late.
You don't want to miss out and later have to by a New Mexico or Delaware LLC for big money because it become rare.
Hello and sorry for the English translation (Google translator). I am considering establishing an LLC between these states (Wyoming vs New Mexico). The purpose of establishing an LLC is to become the owner of the Czech equivalent of an LLC (in the Czech Republic it is called SRO). Services and goods will be sold by this SRO only within the EU. What I've found so far is that I don't need EIN and SSN. My question is, will it be necessary to pay taxes in the US? According to all information, they will be paid only in the Czech Republic (as elsewhere in the EU),︀ as the income of SROs (owned LLCs) is not subject to double taxation. The problem︁ I am solving further is that to determine the LLC as the owner of the︂ Czech SRO, apostilized documents with a court translation are needed. I would get a translation,︃ but I don't know how to get apostilized documents. Do registered agents do this? Is︄ WY or NM more appropriate for the establishment of an LLC for these purposes? Thank︅ you very much for any advice. Patrick
Thank you for your answer, but I'm not sure that I will have to file IRS documentation when the income will come from Česká SRO and the income will be taxed in the Czech Republic. LLC will only be the owner of this Czech SRO (equivalent to LLC). The LLC will be owned by only one person living outside the United States.
I think you will have to file form 5472 (with form 1120) in USA. In that case I think you would need EIN.
I am wondering if I will really benefit from the asset protection offered by Wyoming since I am not a US citizen nor am I living in the US. Can someone from the US sue me personally for my personal actions even though I am in India that puts my US LLC assets at risk? In other words can I have any outside liability in the US?
New Mexico is cheaper $35/year to maintain. Wyoming has better asset protection (charging order as sole remedy) but will cost $75/year to maintain which includes the state filing and registered agent fees. More than the cost I like︀ the no filing requirement in New Mexico.
I am an Indian Citizen/Resident looking to set︁ up an LLC in the US primarily to accept payments from Stripe in my website︂ because Stripe has some limitations in my country. I plan to transfer all the money︃ to my personal bank account in India every 30 days. So not sure if my︄ LLC will have any assets in the US. I will have no federal income tax︅ with this setup but will have to do annual filings to avoid fines (Costing ~$250︆ every year).
If the asset protection offered by Wyoming LLC does not make sense for︇ my use case I will go with New Mexico instead because it is slightly simpler︈ to maintain.
What do you guys think?
New Mexico is cheaper $35/year to maintain. Wyoming has better asset protection (charging order as sole remedy) but will cost $75/year to maintain which includes the state filing and registered agent fees. More than the cost I like︀ the no filing requirement in New Mexico.
I am an Indian Citizen/Resident looking to set︁ up an LLC in the US primarily to accept payments from Stripe in my website︂ because Stripe has some limitations in my country. I plan to transfer all the money︃ to my personal bank account in India every 30 days. So not sure if my︄ LLC will have any assets in the US. I will have no federal income tax︅ with this setup but will have to do annual filings to avoid fines (Costing ~$250︆ every year).
If the asset protection offered by Wyoming LLC does not make sense for︇ my use case I will go with New Mexico instead because it is slightly simpler︈ to maintain.
What do you guys think?
You guys getting off topic, you want to open a new thread, should you ignore my friendly advise then I will have to close this thread 😉
To all the clueless boneheads you MUST pay the $50 state franchise fee even if you did not have any income/activity/etc in the state which means you must register for the state tax id and also file the corporate income tax form with this fee. Unless you adore bureaucracy, pick another state.
Of course they will. You have to fill out a form (with Passport/ID Number, you full Address) to file for EIN.
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