Best and Worst States for Filing an LLC?
I've read that California, while it has great legal ramifications for the businesses anchored there, is one of the worst states for an LLC because of the franchise fees.
Texas has some high formation fees, and that's generally for any kind of legal business entity. I'm assuming that's due in part to the fact that there is no personal income tax here, so they recoup it from the businesses. There's also a franchise fee, and I believe there is also some other kind of annual tax as well. Just too much for me to handle right now.
So, any suggestions? Which states should I avoid? Are there any states that interest you in particular, and why? Please consider the cost of formation, annual fees, reporting requirements, and other operating costs. Assume that nexus will be obtained and strictly maintained in any state.
I know that I could just do a lot of research here and come up with an answer on my own. But, I'm looking for insight from people who have experience with this sort of thing. Theory is nice, but FACT is better.
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