11 {{ upvoteCount | shortNum }}
11 {{ upvoteCount | shortNum }}

Setting Up LLC in Nevada for California Resident - Need Help

by ibmethatswhoib
8 replies
I'm in California and want to setup an LLC in Nevada or another Amazon friendly state but I'm a little worried about taxes. I have tried skimlinks and others and they're just horrible and don't seem to work good. I have good traffic coming in and want to use Amazon because they convert so well. So I guess my question is it seems like it's pretty easy to setup an LLC in Nevada but would do I do when tax season comes around for me in California. I don't want to get screwed, anyone find any information on this?

Thanks
#amazon #california #llc #nevada #resident #setting
  • Profile picture of the author myob
    You're going to get scewed by the California tax boys unless you do it correctly. They are on to this game. Consult competent legal professionals specializing in incorporation and taxes.
    {{ DiscussionBoard.errors[4435117].message }}
  • Profile picture of the author ibmethatswhoib
    Sounds like I just need an LLC and to have someone be a registered agent in that state, I heard of some that do it for $99 that I might give a try. I just need to find more about the taxes I guess.
    {{ DiscussionBoard.errors[4435227].message }}
  • Profile picture of the author DogScout
    Every December, you pay yourself all profits in DIVIDENDS. They are flat taxable at 15% federal. Unfortunately, California and at least 4 other states I know of tax dividends as regular income, not capital gains, as some states do. (If you are willing to move to Nevada, there is NO state tax on dividends!)
    Signature
    {{ DiscussionBoard.errors[4435323].message }}
    • Profile picture of the author myob
      If you intend to remain a resident of California, you must pay an annual fee of $800 to the California Board of Equalization no matter where you are incorporated. There are also specific filings such as residency requirements that vary from state to state of incorporation. Don't get your information from non-professionals; you are the one responsible for compliance.
      {{ DiscussionBoard.errors[4435343].message }}
      • Profile picture of the author dfs_dean
        Here's a previous thread on a similar topic. Part way into it OrangeBull enters the discussion and seems to have some keen insight into the legal issues involved. Bottom line: this can be a complex issue and moving forward without competent legal help could end up being a big mess.

        Previous Thread Link

        Peace
        Signature
        Find something to enjoy about reality. It's not going to go away.
        {{ DiscussionBoard.errors[4436230].message }}
        • Profile picture of the author imback
          Originally Posted by dfs_dean View Post

          Here's a previous thread on a similar topic. Part way into it OrangeBull enters the discussion and seems to have some keen insight into the legal issues involved. Bottom line: this can be a complex issue and moving forward without competent legal help could end up being a big mess.

          Previous Thread Link

          Peace

          Like he said seek professional advice and Do not do guesswork.

          CHAD
          {{ DiscussionBoard.errors[4436336].message }}
  • Profile picture of the author DogScout
    ***Only way to pay zero tax is a 'Blind Trust' in Nevis or St. Kitts and never bring more than under 5K in any given month into the US, AND do so ONLY IN CASH***
    Signature
    {{ DiscussionBoard.errors[4435331].message }}
  • Profile picture of the author sherrieb
    Additionally, Nevada may be considering Amazon legislation soon.
    {{ DiscussionBoard.errors[4436322].message }}

Trending Topics