Choosing the correct state for your limited liability corporation (LLC) is a big choice, and you should think about your alternatives carefully.
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Generally, you should incorporate an LLC in the state where you live and conduct business. This is especially true if your LLC will have an office or storefront in your home state, or if sales or services in your home state will account for the great bulk of your business income. If you plan to acquire real estate with your LLC, you should consider forming it in the state where you plan to own the property.
There are several circumstances in which forming your LLC in another state may be advantageous, which we shall explain further below (along with other popular possibilities such as Delaware, Nevada, and Wyoming). However, before you file in a state other than your home state, keep the following in mind:
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Where the money is earned, taxes are paid. This is an ancient proverb that still holds true, but many individuals feel that by forming their LLC in a more tax-friendly state, they may avoid paying taxes in their home state. Perhaps you live and work in New York but want to create your LLC in Wyoming. Remember that no matter where you incorporate your LLC, if your company produces money in New York, you must pay New York taxes. There are, of course, exceptions, and if tax savings are your major motivation for choosing one state over another, you should consult your CPA.
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If you create your LLC in another state but conduct business in your home state, you must still register your LLC with the state where you conduct business. If you live in New York but form your LLC in Wyoming, you must file initial and yearly reports and pay the corresponding costs in Wyoming. However, if your Wyoming LLC is truly doing business in New York, you'll need to register your out-of-state LLC as well. This means you'll have to file initial and yearly reports with the State of New York, as well as pay costs.
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Even yet, there are times when you might consider creating your company in a different state. Online businesses, traveling consultants and service providers, and other businesses that generate revenue from all over the country but don't necessarily have home offices or storefronts should consider the tax, filing, compliance, and other factors that may make filing in other states more appealing. The following are some of the most common choices:
Delaware continues to be the most popular state for entrepreneurs forming a new limited liability company. It is a business-friendly state with a number of noteworthy benefits. To begin with, compared to many other states, Delaware's initial and yearly filing costs are cheap. Furthermore, Delaware does not tax out-of-state income, which means that if you incorporate your LLC in Delaware but conduct most of your company elsewhere, Delaware will not tax your earnings. Another significant benefit for firms concerned about conflicts is the Delaware Chancery Court. Because the Chancery Court is only concerned with business concerns, Delaware has a more complex and expedited business dispute judicial procedure, with justices who are well-versed in business law (in other states, judges hear all types of civil disputes and may not be as well versed in applicable business law). If you're looking for a place to raise money, Delaware can be a good option. Many potential investors will insist on seeing your LLC's registration.
Nevada and Wyoming: Nevada and Wyoming have grown in popularity as pro-business states in recent years. Both states have minimal yearly filing costs, but none levy business income or franchise taxes. Furthermore, their LLC creation expenses are inexpensive, and their processing times are quick (Wyoming processes the filing immediately).
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