Great post Tetra. I like these business posts from time to time.
A quick note re: Nevada LLC. It is private but a judge can dissolve the LLC. Meaning if you get sued they can go after your personal assets. I’m not a lawyer so please if you’re reading this check into it first. It’s just what I heard.
On another note, Alaska LLC is becoming popular due to the superior protection it offers compared to most states (I believe you can register an Alaska LLC privately but not 100% sure).
Just sharing some food for thought and trying to add some value back. Anyway, great post as usual, Tetra!
If you live in another state and are generating income w/the company, my understanding is that you may need an entity in your state owned by the one in Wyoming or wherever.
No there aren't any residency requirements. Your biz is based in Wyoming or whichever state you formed it in (the registered agent's address). It doesn't need to own any other entities.
You can live anywhere, but you'll pay personal income taxes in whatever state you live in.
I thought there were registration requirements in many states for 'foreign' LLCs that might risk anonymity, and some solved this by creating another entity in their home state that was held by the WY LLC. Or is that only if you're trying to pay yourself out as an employee of the LLC? Or are you able to get around this via 'interstate commerce' clauses?
I'm still trying to understand the business structuring for anonymity.
This is correct. If you want to leverage the LLC in your domiciled state, i.e. you want to file a lawsuit, have the LLC do something else "legally" the court possibly won't recognize the LLC's right to act "legally" as it is not a registered foreign LLC. This really matters if you're managing RE and need to evict, etc. May never come up if just doing ecom.
No you don't need to be a US resident. I'm not 100% sure on whether there are additional requirements, but if you contact one of the registered agents they should be able to give you more details.
Yo Terra, can I ask. IRS says "For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax."
If that's the case, then even if I set up a Wyoming LLC, ain't the government know who is behind the LLC since I need to submit a tax return?
Maximum privacy is paying someone that you know and 100% trust to put the biz in their name. I haven't gone that route myself but I know that some people have.
At what point do I need an llc for my authority site? Just starting out. Should I just make a broad llc from the get go. My first website may not hit but maybe the 6th will. Should I just wait until I get some traction?
Great post Tetra. I like these business posts from time to time.
A quick note re: Nevada LLC. It is private but a judge can dissolve the LLC. Meaning if you get sued they can go after your personal assets. I’m not a lawyer so please if you’re reading this check into it first. It’s just what I heard.
On another note, Alaska LLC is becoming popular due to the superior protection it offers compared to most states (I believe you can register an Alaska LLC privately but not 100% sure).
Just sharing some food for thought and trying to add some value back. Anyway, great post as usual, Tetra!
Good info, thanks.
Can you use an LLC for multiple sites?
Yes you can.
Great and informative post Tetra!
If you live in another state and are generating income w/the company, my understanding is that you may need an entity in your state owned by the one in Wyoming or wherever.
No there aren't any residency requirements. Your biz is based in Wyoming or whichever state you formed it in (the registered agent's address). It doesn't need to own any other entities.
You can live anywhere, but you'll pay personal income taxes in whatever state you live in.
I thought there were registration requirements in many states for 'foreign' LLCs that might risk anonymity, and some solved this by creating another entity in their home state that was held by the WY LLC. Or is that only if you're trying to pay yourself out as an employee of the LLC? Or are you able to get around this via 'interstate commerce' clauses?
I'm still trying to understand the business structuring for anonymity.
This is correct. If you want to leverage the LLC in your domiciled state, i.e. you want to file a lawsuit, have the LLC do something else "legally" the court possibly won't recognize the LLC's right to act "legally" as it is not a registered foreign LLC. This really matters if you're managing RE and need to evict, etc. May never come up if just doing ecom.
Great info, never knew this was possible. Can you create an LLC as a foreigner or do you always need a US partner in that LLC to do so?
No you don't need to be a US resident. I'm not 100% sure on whether there are additional requirements, but if you contact one of the registered agents they should be able to give you more details.
You don't need to have a US partner to do this.
You’re right, opened up a single member LLC in Wyoming, worked like a charm
Yo Terra, can I ask. IRS says "For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (EIN) for all information returns and reporting related to income tax."
If that's the case, then even if I set up a Wyoming LLC, ain't the government know who is behind the LLC since I need to submit a tax return?
Thanks!
Yes the federal government is always going to know.
Ah damn .... There goes my dreams of selling meth as an anon.
Thanks ser!
Maximum privacy is paying someone that you know and 100% trust to put the biz in their name. I haven't gone that route myself but I know that some people have.
Thanks Terra
Also when it refers to a "disregarded entity" it means if you don't elect to tax it as a C or S Corp.
If you don't tax it as a corporation it's considered a "passthrough" entity that is disregarded i.e. you pay personal income taxes on it.
Interesting. So if I choose to be taxed as a C or S Corp, does that mean?
1) I don't need an EIN
2) I get a tax agent to submit taxes on my behalf (so my name doesn't appear anywhere)
3) The US gov does not know my identity
Thanks man
At what point do I need an llc for my authority site? Just starting out. Should I just make a broad llc from the get go. My first website may not hit but maybe the 6th will. Should I just wait until I get some traction?
After making the anon LLC, if you want a CC or bank account for said LLC, you would still have to attach your actual name to that CC/bank, correct?
Yes no one is going to let an anon create a bank account
That wasn't the smartest way for me to ask that question.
Have you done any articles on anon crypto accounts?