Starting A Wyoming-LLC While Living In NYC

by Gary Joseph 11 replies

Hey Everyone!

I was wondering if I can pick your brain and get your input on my aspirations.

I am currently living in Australia and I want to create an LLC in Wyoming, which seems to be the best state for a sole-trader/small business to incorporate in as it can potentially reduce your tax liabilities.

However within the next 6 months, I will move to New York City where this LLC will operate. My business is SEO & Lead Gen and I will have clients across the US and abroad. I am a one man business and work alone.

I fully understand that as a NYC resident I will have to both pay NYS and NYC taxes and register as a foreign corporation in New York. But do you think it's worth registering in Wyoming, given that it's cheaper to incorporate there considering that there is the potential that I will be relocating across America over the course of the LLC. And that I do not have a concrete timeline of when I am moving to NYC. (I'm in my twenties and don't envisage I could live in NYC for more than 4 years). I'm also not sure if the State of New York allows foreign (not in the US) to register LLCs and if it is possible to do so without a US/NY address.

Also, given that I will be consulting with businesses across America, do you know if that is INTERSTATE or INTRASTATE business. I will not have a physical presence nor any employees outside my apartment (when I move to NYC) and all consulting work will be done in NYC, it's just the clients will be located outside of New York.

I've heard that in order to have my personal assets protected from business-related liabilities, I have to be registered in the state where I am doing business. Apparently, If I'm registered out of state, there’s no protection. My personal assets are still exposed. Can anyone confirm if this is true. Sounds a bit ridiculous to me.

Before you respond, please note, I do intend on seeking legal advice down the track, but I do want some frame of reference before I consult a CPA or Tax Attorney.

Thanks for your help guys!
#main internet marketing discussion forum #living #nyc #starting #startup #wyomingllc
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  • Profile picture of the author mhdeaton
    Dude look into New Mexico first!! Best LLC state for privacy hands down.
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  • Profile picture of the author mhdeaton
    JJ Luna has a book called "How to be invisible" in it is a section on LLC's - They are not for protection as much as privacy and the technique is kinda slick. I also have the contact info. on the girl who does them out of LA. For your business it should be good enough, for full protection from thieves and takers you need a couple of "veils" of protection. One where another entity holds the LLC. I don't need to tell you I'm no accountant but I do have a strong interest in privacy and protection as I've been nailed a few times.
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    • Profile picture of the author Gary Joseph
      Originally Posted by mhdeaton View Post

      JJ Luna has a book called "How to be invisible" in it is a section on LLC's - They are not for protection as much as privacy and the technique is kinda slick. I also have the contact info. on the girl who does them out of LA. For your business it should be good enough, for full protection from thieves and takers you need a couple of "veils" of protection. One where another entity holds the LLC. I don't need to tell you I'm no accountant but I do have a strong interest in privacy and protection as I've been nailed a few times.
      Sorry... It might be due to me being from Australia... but why do I need so much privacy? My business is completely legitimate, and I do intend on paying all required taxes, I just want to reduce them if I can.

      Who are these "thieves and takers"? And how have you been nailed? You've got me worried now.
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  • Profile picture of the author rondo
    Cool. How did you get a visa to move to NYC?


    Thanks,
    Andrew
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    • Profile picture of the author Gary Joseph
      Originally Posted by rondo View Post

      Cool. How did you get a visa to move to NYC?
      Helps to have family there.
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      • Profile picture of the author rdbranson
        LOL, today I am setting up my group's Wyoming business incorporation services company. First thing I saw when logging in is your post.

        I am not a lawyer, but have worked with many lawyers and several have been my partners. One still is.

        Caveat, therefore, I do not provide legal advice, but you can contact my lawyer partner who is in the Western NY area.

        First, re asset protection, if you have less than 100K in assets, it is not probably worth bothering. If you have substantial assets, I would look into trusts.

        Second, if your business is not substantial, say less than $250K in revenues with relatively low profit margins, say less than 15% net, and you do not expect it to grow that much, then I think having a DBA in New York and incorporating in Wyoming is a good option, bearing in mind that you are not that concerned about privacy issues.

        The issue of doing business over the Internet is more or less muddled and depends in part on where you are, the various legal and financial entities doing what they can to get their hands on your money.

        Unless there are other issues involved with your personal situation, I am not sure that you need legal advice just for setting up a business. I would get advice from a good small business accountant first. It so happens that I have a partner, also in WNY, who is very good and will provide telephone advice.

        The problem with lawyers and CPA's is that many have relatively little practical business experience that helps solo and small business owners, other than with formal issues. That makes it difficult to find one who helps you with relevant practical legal and accounting advice (versus information.)
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  • Profile picture of the author Daniel Thomas
    You need to contact something like legalzoom, Adam Carolla drilled my ears out with that on his podcast and it sounds like it's right up your alley.
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  • Does anybody know an Internet-business-focused CPA, tax expert or incorporating agent that could answer this type of questions? I would have a couple of similar questions myself.
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  • Profile picture of the author mhdeaton
    In America we have prying eyes and privacy is important - when your a little older you will see for yourself. My business is legitimate as well my friend I do quite well, but I like to shield myself from prying eyes and potential lawsuits.

    I forgot your only 20
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    • Profile picture of the author Gary Joseph
      Originally Posted by mhdeaton View Post

      In America we have prying eyes and privacy is important - when your a little older you will see for yourself. My business is legitimate as well my friend I do quite well, but I like to shield myself from prying eyes and potential lawsuits.

      I forgot your only 20
      Care to elaborate on why kind of eyes pry? If I have a legitimate business, I have no problems with the IRS looking into my business.

      What should I be looking out for?
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      • Profile picture of the author bluecoyotemedia
        Originally Posted by Gary Joseph View Post

        Care to elaborate on why kind of eyes pry? If I have a legitimate business, I have no problems with the IRS looking into my business.

        What should I be looking out for?

        why in gods name are you moving to NYC???

        you have about 9 million (and just as many rats) people all crammed in a 13 mile from point to point island

        and when there is a problem socially or weather .. civil unrest.. you become one of the people all scrambling trying to get out

        9/11 cured me of that

        I grew up in NYC and lived there all my life until 2001

        I think people that move to nyc in todays day and age are

        young

        or watch so much television and movies that they fall under the spell of the idea of living in NYC is cool.

        anyway sorry to go off topic

        but if you live in NYC then you may as well as being that your virtual company.. you can keep the wyoming corp since your not physical

        then use a bank that has locations both in NYC and Wyoming maybe bank of america the this becomes seamless
        Signature

        Skunkworks: noun. informal.

        A clandestine group operating without any external intervention or oversight. Such groups achieve significant breakthroughs rarely discussed in public because they operate "outside the box".
        https://short-stuff.com/-Mjk0fDExOA==

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