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Anyone Know Something about LLCs?

Questions, comments and discussions in the field of Affiliate Marketing.

by Dave » 2016-01-09 10:14

Perhaps you know the answer to this then ... If I make it out of the country LLC (for example, I lived in NY, but because I do business online I decided to incorporate in Nevada), can I receive income from the LLC with NY state bank, or whether banks that receive funds in the LLC's name must be in a state that LLC listed (in this case Nevada)?

Free thanks to those who gave the answer I was looking for.
Dave
 
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by Lewis » 2016-01-09 22:38

I will only register the LLC in your own country.


This shade of what you are doing. Business operations in NY and register in NV. I think you'll only will evade taxes to be audited.


Do you have an accountant?
Lewis
 
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by Berry » 2016-01-10 10:27

Yes you can do that, but you must open an account with one of the large national banks that operate in both countries.

It may not do you much good from a tax perspective. I believe NY will tax you because you have a physical presence and do business from their country.

I think you might even have to register a business as a foreign entity to do business and open an account in NY.

NY is one of the worst places to be from a tax perspective, but I would not worry about getting fancy with tax loopholes until you have a good amount of revenue come, that it would make it worth your time. It would be a great investment of time to get it set up the way you want.

Hope this will help you
Berry
 
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by Seth » 2016-01-11 15:05

First of all, yes you can live in one country and having your LLC is registered in another state. There is nothing wrong with it.

However, as far as I know, LLC which is a pass-through entity when it comes to taxes.

It means that every tax contribution derived from operating income LLC will be forwarded by YOU (owner LLC). As a result, LLC tax liability will be calculated in accordance with the state of YOU live in, not in accordance with the state of LLC registered.

Can anyone confirm this?
Seth
 
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by Orlando » 2016-01-11 22:49

Why would you bother with LC on TV? There is no advantage to you there. What do you think of is that you do not have to pay state tax on your business in NY but this line of thinking is not true because you are a resident of NY and have to pay personal income tax in NY. LLC and S-Corps has passed through taxation. Technically, you are operating illegally without registering businesses in NY as a foreign entity.
Most people combine for the wrong reasons, and many more will join in the wrong country just because they think it is better but usually do not unless you are at a certain point in growth.
You have to remember, LLC does not pay the tax as a business. There is no double taxation as if you are a C-Corp. In an LLC, the shareholders pay taxes on a personal level, not a business / company, so you still pay state taxes NY.
Orlando
 
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