Wyoming VS New Mexico LLC What is better?
- Thread starter Luganese
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Could we dive a little deeper into it please?
If I understand you right it would make good sense to setup a Wyoming LLC let's name it a holding company and below the umbrella setup New Mexico LLC's - in that way we would have anonymity and a good way of asset protection or is there something I'm not aware of please?
If I understand you right it would make good sense to setup a Wyoming LLC let's name it a holding company and below the umbrella setup New Mexico LLC's - in that way we would have anonymity and a good way of asset protection or is there something I'm not aware of please?
You could, but if you need multiple LLC, then go directly with a WY series LLC. You pay one price but have as many child LLC as you want under the parent LLC.
In my case I have︀ some NM LLC that are independent and not attached to the WY LLC. They are︁ just anonymity shell for some registrations;
The WY holding is the one owning most my︂ assets. Some directly (non dangerous asset like brokerage account) or some indirectly through another local︃ LLC owned by the WY LLC (real estate, some placements, etc...)
In my case I have︀ some NM LLC that are independent and not attached to the WY LLC. They are︁ just anonymity shell for some registrations;
The WY holding is the one owning most my︂ assets. Some directly (non dangerous asset like brokerage account) or some indirectly through another local︃ LLC owned by the WY LLC (real estate, some placements, etc...)
WY and NM don't have STATE tax reporting for LLC that own assets out of WY and NM.
If your US disregarderd entity has non US income, you may still have to report them. You may not have to pay taxes on them if none of your income is connected to a US trade or business, but there is reporting at the FEDERAL level of what your US entity owns worldwide, including the dreaded FACTA︀ compliance.
If the LLC is more than 25% foreign owned, it has to file form︁ 5472 if there have been any “reportable transactions” during the previous tax year (Formation and︂ dissolution filings are considered to be reportable transactions). Not filing this form will trigger a︃ $25,000 fine.
The main question will be for your CPA to rule if your income︄ is or is not connected to a US trade or business for the purpose of︅ US tax assessment.
Also, disregarded entity means that all the income are passing through to︆ the owner and has to be reported on the owner tax return directly.
If your︇ entity is not disregarded for tax purposes, it will have to file and pay FEDERAL︈ US taxes in all case.
If your US disregarderd entity has non US income, you may still have to report them. You may not have to pay taxes on them if none of your income is connected to a US trade or business, but there is reporting at the FEDERAL level of what your US entity owns worldwide, including the dreaded FACTA︀ compliance.
If the LLC is more than 25% foreign owned, it has to file form︁ 5472 if there have been any “reportable transactions” during the previous tax year (Formation and︂ dissolution filings are considered to be reportable transactions). Not filing this form will trigger a︃ $25,000 fine.
The main question will be for your CPA to rule if your income︄ is or is not connected to a US trade or business for the purpose of︅ US tax assessment.
Also, disregarded entity means that all the income are passing through to︆ the owner and has to be reported on the owner tax return directly.
If your︇ entity is not disregarded for tax purposes, it will have to file and pay FEDERAL︈ US taxes in all case.
Do you still have our company with them.
Can I ask you if you have found an accounting firm to help you with the compliancy for your company? I mean to pay tax and vat on time and file reports which may be required.
I strongly consider to setup a New Mexico company myself, but have a few things to clear before I move on.
Can I ask you if you have found an accounting firm to help you with the compliancy for your company? I mean to pay tax and vat on time and file reports which may be required.
I strongly consider to setup a New Mexico company myself, but have a few things to clear before I move on.
Yes, I still have them as my registered agent.
For taxes, any US CPA should be able to do that for you. You can even do it yourself with some tax software. We don't have︀ VAT in the US.
If you are looking for full service company that will create,︁ maintain and do bookkeeping and tax return for your LLC, there are a few law︂ firms out there that can help you. They are not cheap but do a great︃ job.
For taxes, any US CPA should be able to do that for you. You can even do it yourself with some tax software. We don't have︀ VAT in the US.
If you are looking for full service company that will create,︁ maintain and do bookkeeping and tax return for your LLC, there are a few law︂ firms out there that can help you. They are not cheap but do a great︃ job.
I can think of two:
https://andersonadvisors.com/https://kkoslawyers.com
there are probably a few more
https://andersonadvisors.com/https://kkoslawyers.com
there are probably a few more
These two firms have very good reputation. I have not used them for corporate maintenance as I do it myself
I have used Anderson Advisers for asset protection to draft operating agreement and review some of my contracts.
They both also have Youtube channels with plenty of good tax and legal advice.
I have used Anderson Advisers for asset protection to draft operating agreement and review some of my contracts.
They both also have Youtube channels with plenty of good tax and legal advice.
second that, I would like someone to help me with the setup of a New Mexico company, I need the setup, virtual office and all the accounting stuff done.
To stay compliant with my local tax office accounting for the NM company is necessary and unavoidable.
To stay compliant with my local tax office accounting for the NM company is necessary and unavoidable.
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