Shell company LLC?

Topic by cj023

Cj023

Home Forums Money Shell company LLC?

This topic contains 6 replies, has 3 voices, and was last updated by  Anonymous 2 years, 7 months ago.

Viewing 7 posts - 1 through 7 (of 7 total)
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  • #511658
    +2
    Cj023
    cj023
    Participant
    723

    Hey guys I’ve decided to open an asset/judgment recovery business. I got the funding, business plan, and already a couple of clients. Now it’s time to actually incorporate the business. I had no idea what a shell company was until mgtow. Now in the US the only states that I know that have no state taxes are Wyoming, Nevada.. I’m leaning towards Wyoming because of privacy.. However I’ve looked into offshore as well, seems kinda fishy only $500 for a tax free Belize llc? Anyways would you guys keep the holding company in the States? Or risk offshore? I’m not sure if this is true but you’re penalized heavily if you’re offshore and make a certain amount in the states.

    #511684
    +2
    TaxGuy
    TaxGuy
    Participant

    Just do the LLC in the state you are doing business in. I don’t know who lead you to believe that the LLC files taxes in the state in which it is incorporated but they are full of s~~~. You pay tax in the state where the work is done, where the income is made. It’s actually a tiny bit more complicated than that, but you can’t avoid state taxes just by incorporating in another state.

    And technically it’s not a holding company, it’s the company. Unless you are going to have the an LLC that owns the LLC, then the owner is a holding company. But again, that’s not going to help you avoid tax in the state in which you are doing all of the work.

    Order the good wine

    #511685
    Cj023
    cj023
    Participant
    723

    Just do the LLC in the state you are doing business in. I don’t know who lead you to believe that the LLC files taxes in the state in which it is incorporated but they are full of s~~~. You pay tax in the state where the work is done, where the income is made. It’s actually a tiny bit more complicated than that, but you can’t avoid state taxes just by incorporating in another state.

    And technically it’s not a holding company, it’s the company. Unless you are going to have the an LLC that owns the LLC, then the owner is a holding company. But again, that’s not going to help you avoid tax in the state in which you are doing all of the work.

    great advice, however I’m going to be servicing in Oregon, California, and Nevada. Would I just be better off doing an s corp?

    #511688
    Cj023
    cj023
    Participant
    723

    Never thought incorporating myself would be the trickiest part of the business venture. Just trying to get the best deal.

    #511715
    TaxGuy
    TaxGuy
    Participant

    S Corp’s are a little more work than an LLC. If you are a corporation, you have to have a board of directors and have board meetings that are documented for one thing. You also have to file an S Corp tax return, where if you are a single member LLC you can just put it on Schedule C of your personal tax return. Also, I believe if you are an S Corp and want to pay yourself then I think you have to set yourself up on payroll, which means Form 941 filings each quarter and a Form 940 at the end of the year.

    Finally, if and when you want to sell the business, it’s better to be an LLC. The seller gets a higher tax deduction, which leads to a higher price for you.

    I’m not sure how you actually do your business, but if you live in Nevada and can do all of the work from there, that’s the best scenario. If you travel to the other states to do the business, then you will have to pay taxes on the money you earn in the other states.

    Order the good wine

    #511724
    Cj023
    cj023
    Participant
    723

    S Corp’s are a little more work than an LLC. If you are a corporation, you have to have a board of directors and have board meetings that are documented for one thing. You also have to file an S Corp tax return, where if you are a single member LLC you can just put it on Schedule C of your personal tax return. Also, I believe if you are an S Corp and want to pay yourself then I think you have to set yourself up on payroll, which means Form 941 filings each quarter and a Form 940 at the end of the year.

    Finally, if and when you want to sell the business, it’s better to be an LLC. The seller gets a higher tax deduction, which leads to a higher price for you.

    I’m not sure how you actually do your business, but if you live in Nevada and can do all of the work from there, that’s the best scenario. If you travel to the other states to do the business, then you will have to pay taxes on the money you earn in the other states.

    thank you I do appreciate it

    #511757

    Anonymous
    0

    Take a look:
    State Income Tax

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