Get Started Here: bit.ly/Wyoming-LLC-1. **NOTE that Incfile was just rebranded as Bizee, but the formation process is the same!** I hope this was helpful, and let me know if you have any questions!
@luccnhboxxrj427
10 ай бұрын
1a
@patrickthiongo8729
10 ай бұрын
@@luccnhboxxrj427 2
@sarajuddinsaraj-j4z
21 күн бұрын
thank you so much for the support last question today i went to the tax office they asked 1200 dollar for getting LLC and they told me you have to get FINCEN I don't know what is FINCEN
@beverlywilliams2840
11 ай бұрын
This is a place that is giving instruction to companies to set up there!!
@cjlawvideos
11 ай бұрын
Hi. Thanks, and let me know if you have any questions. Best regards, Chris
@marievinmoney
10 ай бұрын
Chris, great easy to follow informative video. Thank you for this! Much appreciated!
@cjlawvideos
10 ай бұрын
Thank you for your kind words, and I'm glad it was helpful! If you have any questions, please let me know. Best regards, Chris
@nikolaihemal663
6 ай бұрын
Great Video, very concise and informative. Will definitely consider WY and your services. cheers.
@cjlawvideos
6 ай бұрын
Thank you for the kind words, and I'm glad you found it helpful! Let me know if you have any questions. Best regards, Chris
@user-bp2jj2zn1b
6 ай бұрын
One of the advantages of using a third party to file an LLC in Wyoming is that you won't have your name show up as the organizer on the Articles Of Organization because the third party's name will show up as the organizer, and therefore, it provides anonymity. However, if anonymity were not important to an individual, then wouldn't it be better to form the LLC directly with the Secretary Of State of Wyoming, online, and only use a third party as a registered agent or a virtual business address? The reason that I ask this is because if you use a third party to do the filing in Wyoming, then there is nothing of official public record with the state of Wyoming that has your name to indicate that you are involved with that LLC, and therefore there is a possibility that the third party filing service could claim ownership of your llc (stating that they were the one who did the filing, or whatever other excuse they could come up with, lol), if your llc becomes a valuable company one day. Therefore, would it makes sense to say that if anonymity were not important to an individual, it would be wiser if they filed directly in Wyoming, online, because that way, they would avoid possible ownership claim issues with that third party? You could prove your ownership via your operating agreement, but by being the organizer there would be less ambiguity of ownership, since a third party would not be on public record as the organizer. You could also request and obtain a confirmation or acknowledgment letter from the third party filing service stating that they are only acting on your behalf and that you are the true owner of the LLC, however, third party filing services that do transactions in high volumes are probably not going to go out of their way to make an exception to their standard protocol, and write you a letter.
@cjlawvideos
6 ай бұрын
Hi: Thanks for watching and for your question. You bring up an interesting point, but it is not something about which I'm concerned (especially with Bizee/Incfile which I've used for years). Upon filing the Articles of Organization, the organizer issues a "Statement of Organizer" wherein they list you as the member and then resign. This is the exact resignation language you will receive: "Additionally, the undersigned does hereby tender his/her resignation as Organizer for the LLC, and from any and all involvement with, control of, or authority over the LLC, real or perceived, effective immediately." Plus, you will have evidence that you paid them to form of your LLC. Again, your concerns may be valid, especially with a fly-by-night organizer, but I'm not concerned if you are using an reputable company. Hope this helps! Best regards, Chris
@user-bp2jj2zn1b
6 ай бұрын
@@cjlawvideos Thank you for the wonderful answer to my question. Also, thank you for including the exact resignation language in your reply. Your KZitem channel deserves all of its success.
@cjlawvideos
6 ай бұрын
@@user-bp2jj2zn1b You are welcome, and thank you for the kind words! Best of luck to you. Best regards, Chris
@Hagar_LaBoulevardLLC
3 ай бұрын
@cjlawvideos Chris what about if your RA is "Registered Agent Inc"? I'm sure you've heard of that Wire article on them.
@sergiomorales66
Жыл бұрын
It works, thank you so much!
@cjlawvideos
Жыл бұрын
Very good to hear. Thank you for letting me know! I wish you all the best, thanks. Best regards, Chris
@SeanCollinson
7 ай бұрын
Great video. Super helpful. Good job Chris
@cjlawvideos
7 ай бұрын
I appreciate the kind words Sean, and I'm glad you found it helpful! Best regards, Chris
@DuriSongTokki
11 ай бұрын
Thank you Chris for the video! 1. I see that when you register for the WY LLC on IncFile and have a partner, the % ownership of the company is noted in the registration @10:41. The agreement with my partner is 70:30 where they get 10% after a 1 year vesting cliff, then 5% for each quarter up to 30% (this would be included in the Operating Agreement). In this case, how should the %ownership section on IncFile be filled? 2. Does this split agreement even make sense in a business startup perspective? 3. We are creating a social media management agency and expect to work with clients worldwide. Client contracts would state that the contract would be governed under the law of the US/WY. In the situation where a non-US citizen breaks the contract, what is the reality of a small company legally pursuing that person? Like would it actually be feasible to sue a foreigner?
@cjlawvideos
11 ай бұрын
Hi. Thank you for the compliment and the question. I cannot give legal advice without being retained as your attorney. However, here are some things to consider: 1. If you will initially be the 100% owner of your LLC, that's what you should start with when you form your LLC. You can have vesting schedules set forth in a separate contract. Then, if a percentage interest vests, you can modify the Operating Agreement at that time to reflect a change in the equity ownership. 2. I cannot comment specifically about that without being retained and knowing more, but if you have someone you want to be a partner in your LLC who is in your eyes valuable to the future of the LLC, then it is certainly worth considering to incentivize them to perform for the company. It is not commonly done out of the gate in my experience, but it really depends upon the value you see in this partner, what they are requesting, what you are paying them, etc. Generally speaking, I would likely wait to see how the company is performing so you know what is the value of 10-30% of your company. There may be tax consequences as well you need to consider. 3. It may certainly be difficult to enforce a judgment in other countries. You may want to consider arbitration tribunals that will use WY law but which have enforceable arbitration awards in as many countries in which you do business as possible. Hope that helps, and best of luck to you and your business! Best regards, Chris
@DuriSongTokki
11 ай бұрын
The value you provide is amazing, thank you @@cjlawvideos . I'm ready to make the move and apply for a WY LLC on your website. There is one more question I have. 1. My current LLC is in California. The business of that LLC will be the same as the one I intend to open the WY LLC for. Do you recommend I domesticate the CA LLC to WY or should I just dissolve it then open the WY LLC then transfer the assets there?
@cjlawvideos
11 ай бұрын
@@DuriSongTokki Hi Duri. Thank you for the kind words! I cannot give you specific legal advice without you retaining me. If you are interested in that, you can reach out to me via my website: www.chrisjacksonlaw.com. With that said, here are some options in general for people in your situation: 1. Domesticate your CA LLC to WY as you suggested. Note that you will need to qualify your domesticated WY LLC in CA since you are doing business in CA. 2. Dissolve your CA LLC and replace it with a WY LLC as you suggested. However, since your current LLC is an operating entity with its own EIN and bank accounts (I presume), that may be too much to undo and redo. It is up to you, but that's certainly an option. Note that, if you choose this option, you will also have to qualify your WY LLC in CA. 3. Keep your CA LLC in place and have your WY LLC become the owner of the CA LLC. You would own the WY LLC. This option would be ideal from an asset protection standpoint. You would essentially have to form your WY LLC and transfer the membership interest in your CA LLC to your WY LLC. However, please seek the advice of your CPA to make sure that such a transfer of your CA LLC membership interest to your WY LLC will not be a taxable event for you. I hope that helps, and please don't take the above as legal or tax advice. Best regards, Chris
@samymounir7336
Жыл бұрын
Thank you for your video! It is very useful as I want to set up my LLC in Wyoming. I have a question regarding obtaining a US bank account. Could you please provide some information on the process? Is it a tedious or straightforward task?
@cjlawvideos
Жыл бұрын
Hi Samy. Thank you for your comment and question. You can set up a bank account in WY for your WY LLC. You don't need to live in WY. If you are not a US Citizen or resident, you can still open a bank account in the US by providing the EIN of the LLC. If you are a foreign person (without a SSN or ITIN), then when you get to the EIN section in my video, just select that you are a foreign person. Incfile will prepare your SS-4 form properly so that the IRS will issue an EIN to your LLC, even though the LLC is owned by a foreign person. If you don't have an address in the US, then you may want to take advantage of the virtual office address that Incfile offers you. I would take advantage of the Incfile relationship with Bank of America and speak with the banker to determine what they need. I suspect it will be the EIN, the Articles of Organization (filed by Incfile), and perhaps an address in the US and the Operating Agreement. Let me know how it goes, thanks!
@HopeProphecy
4 ай бұрын
How would I pay myself in a structure with a single-member holding LLC (S-Corp) that owns my operating LLC, of which I’m the only owner and employee? How can this be done without piercing the corporate veil and losing asset protection, while still seeing the tax benefits of an S-Corp? Which LLC would handle payroll and how would dividends be distributed? Thanks!
@cjlawvideos
4 ай бұрын
Hi. Good questions, and please see my comments below (but note this is not specific legal or tax advice. I'm going to make a video about this. Also, a related company of mine covers these issues in great detail in its LLC Next Steps Guide (which will be available soon at: www.attorneydrafted.com). With that said, the quick answer is that you can pay yourself in the form of either profit distributions or wages or both. The extent to which you should pay yourself wages depends upon many factors, but CPAs commonly recommend that between 30-60% of profits should be in the form of wages. The balance can be profit distributions, which are not subject to self-employment (Social Security and Medicare) tax. Seek the advice of your CPA as to how much to pay yourself in wages. Note that you can set up a 401(k) plan with your LLC and have the company do a matching contribution (which is tax deductible, as is your 401(k) contribution). I use Guideline for the 401(k) Plan, which is set up through QuickBooks. The important point is that you need to leave enough funds in the LLC bank account to ensure that it is adequately capitalized to meet its obligations. Adequate capitalization is one of the important factors in demonstrating separate entity status of the LLC and for minimizing the chances of piercing the veil of LLC protection.
@therock1232100
11 ай бұрын
how about the idea of keeping it anonymous ...not needing to list the members and managers in the filing.. How do you do that?
@cjlawvideos
11 ай бұрын
Hi. In WY, note that the Articles of Organization only lists the Registered Agent and the mailing/business address of the LLC. It does not list members or managers, so no worries there. Regarding the address, if that concerns you, please note the following: please note the following: Although WY is an anonymous LLC state, note that the mailing address and principal business address is included in the Articles of Organization filed with the State of WY. It will thus be public record. Note that this address can be in any state. It does not have to be in WY. So, you have several options. One is to use the Incfile virtual office service (for $29/mo). Another is to use a similar virtual office service. The third is to use an address supplied by, for example, a UPS Store. The fourth is you can use an actual business address if you have one. And, of course you can use your own home address (which can be in any state). I recommend against this last option if you want your address to be anonymous. Hope this helps. Best regards, Chris
@planetanjac
2 ай бұрын
JAX ! What a SUPER DOG !
@cjlawvideos
2 ай бұрын
Yes, Jax is a great dog, thanks! Best regards, Chris
@terikim395
11 ай бұрын
for a new video - can you do a walkthrough to set up a nonprofit in CA?
@cjlawvideos
11 ай бұрын
Hi. Thank you for your suggestion. I see that Incfile has a non-profit formation option in CA. I have a video on how to form an LLC in CA (Link: kzitem.info/news/bejne/pqus0WqoeoB0ZKQ), but not a non-profit (as it's not my area of expertise). But, I will look into doing that, thanks! Best regards, Chris
@stephaniehilbern
10 ай бұрын
@@cjlawvideosP😊😊p
@nouche-30064
Жыл бұрын
Thank you for your very well explained videos. I am still learning. Please, are you going to do video on how to set up a Land Trust after creating a LLC in Wyoming. My project is to sell my actual house in GA. Then, I would like to buy 2 houses in South Mississippi. One will have long term renter and the other one will be my residence but I want to rent a room either Airbnb like or short term rentals. If I understood correctly, I should set my LLC before purchase. How to transter money from personal account from the sell to the LLC in order to purchase other properties? Then having everything in a Land Trust just by myself. Meaning no partnership and I don't trust anyone and I want to be able to manage, sell and buy in the future and to have tax exemption for my residence if any, like I actually have in GA?
@cjlawvideos
Жыл бұрын
Thank you for your kind words. While I cannot provide legal advice specifically without you retaining me as your attorney, I will make the following general comments: 1. I will consider a Land Trust video, thank you for your suggestion! 2. While setting up your LLC prior to the purchase of the home is preferable, you can always do a quit claim or grant deed to the LLC after you purchase the rental home. If you have a lender, you should ask them if you can have the purchase contract in the name of the LLC rather than your personal name,. If the answer is yes, or you don't have a lender, the cleanest approach is to set up the LLC and have the LLC (assuming there are no tax consequences, for which you should consult a CPA). 3. You can own the LLC as the Member and also serve as its Manager (or you can have a trust own the LLC membership interest). 4. For tax exemption questions and future 1031 exchange options, I encourage you to address those questions with a CPA. It all sounds exciting, and I wish you the best! Best regards, Chris
@nouche-30064
Жыл бұрын
@@cjlawvideos Thank you so much for your answer. No, I won't have a lender, I shall use the fund of my actual house that I want to sell.
@cjlawvideos
Жыл бұрын
@@nouche-30064 Ok, great. Then you shouldn't have any problem purchasing in the name of the LLC if you so choose. Best regards, Chris
@freeradical1567
5 ай бұрын
All great info and above the board professional help by a professional!
@cjlawvideos
5 ай бұрын
Thank you very much for your kind words. Good luck to you and your LLC! Best regards, Chris
@muhammadmujtaba1341
6 күн бұрын
Thank you for the video! But still need some answers What are the best practices for forming an LLC in Wyoming? I am a non-U.S. resident. Do I need a virtual address, and can I get an EIN separately if I opt for the basic package? Which bank would be best for opening an account?
@cjlawvideos
5 күн бұрын
Thanks for watching and for your kind words. Those are great questions. I need to do some more in depth research and make a video on how to form an LLC and set up a bank account as a non-resident. Regarding obtaining an EIN as a foreigner, first, you can mail or fax in IRS Form SS-4. Just make sure you answer "Foreign" to question 7(b). Just remember to set up the LLC first. If you want to use a traditional bank, in most cases you will need to show a US address (e.g., a virtual address - some but not all banks may request a lease). And, the EIN document you receive from the IRS should have a US address (you don't need one to obtain an EIN, but having a US address on your EIN will help you open a US LLC bank account). I have read that Wells Fargo is one of the easiest banks in which a foreign-owned LLC can open an account. Bizee works with Bank of America, so you should have that free consult with the banker. Alternatively, one non-FDIC insured option is an entity called "Wise." They are not a bank, but they can accept money from US sources, then transfer to your account (assuming you are not in a restricted country). Here is a good article from them about foreigners opening up US accounts for their entities: wise.com/us/blog/open-a-us-bank-account-non-resident. Hope that helps, and let me know how it goes if you could (www.chrisjacksonlaw.com). Best regards, Chris
@DelandDelInternational
Жыл бұрын
Thank you. I filed through Inkfile and the docs that came back list me as the MBR but there are two (2) of us that own the business. Why am I listed as MBR? Thank you.
@cjlawvideos
Жыл бұрын
Hi. Did you enter both members' names and allocate a percentage to each member when you set it up on Incfile? Also, this is for WY, I presume? If so, they would not list the member in the Articles of Organization (public document), so they may have you listed just in the internal non-public documents (which you can change). Please check with the Incfile customer service and let me know the result. Thanks! Best regards, Chris
@StoptheLie
11 ай бұрын
When I tried to start a LLC in Wyoming ten years ago, the Secretary of state refused my request. It looks like nothing changed so this was an interesting clip.
@cjlawvideos
11 ай бұрын
Hi. Thanks for watching my video and your comment. If you provide some more details, I'd be happy to try to help you. Thanks. Best regards, Chris
@StoptheLie
11 ай бұрын
@@cjlawvideosI was going to do it in Las Vegas then switched to Wyoming. I think Wyoming was the first state in the country that created the beast but maybe it was Delaware? Thanks for offering your assistance. I went back to being a sole proprietor. My efforts to create a LLC was over ten years ago and it's history. Thanks again!
@cjlawvideos
11 ай бұрын
@@StoptheLie Ok, thanks. I wish you all the best!
@ericfenton4710
Жыл бұрын
Chris, how much do you charge to walk me through, so i can ask questions for these screens you shared in this video?
@cjlawvideos
Жыл бұрын
Hi Eric. Thanks for your question. If you could, please submit an inquiry through my website (www.chrisjacksonlaw.com) or email me at my KZitem email (cjlawvideos@gmail.com). Thank you! Best regards, Chris
@misterblack4270
8 ай бұрын
Hi Chris, Great site! Thank you so much for all the insight and information. Quick question...If we already have an LLC set up in a different state what is the most effective way to transfer it to the Wyoming LLC so it becomes a wholly owned subsidary of the Wyoming LLC...In a previous comment you mention Grant Deeds for Real Estate so how do we transfer one LLC into the ownership of a Wyoming LLC? Thank you in advance
@cjlawvideos
8 ай бұрын
Hi. Thank you for your kind words, and I'm glad you found the information helpful! I cannot give you specific legal advice unless you retain me as your attorney, but here are some general things to consider: 1. First, check with a CPA on the tax consequences of each step in the process. If you don't have one, I can refer you to a good and relatively inexpensive CPA (who I use personally). Feel free to reach out to me here: www.chrisjacksonlaw.com. 2. Assuming there are not undesirable tax consequences, one way to structure the transaction is as follows: (i) Form your WY LLC (with the same ownership structure of your current LLC). For example, if you and your spouse own your current LLC 50/50, then your CPA may advise you to own the WY LLC in the same manner. (ii) Transfer your local LLC membership interests into your WY LLC. IMPORTANT: Please check on the tax consequences of this! You can do this through a simple Membership Interest Transfer Agreement, and all members must approve. You may need to update your filings with the state your LLC is presently located if it lists you as the member. Please consult a local attorney on this - if you are in CA, feel free to reach out to me via my website. (iii) ALTERNATIVES: If you want the other LLC to be replaced by your WY LLC, you can merge it into your WY LLC and have the WY LLC as the surviving entity. Your current LLC would be "merged out." Again, you will likely need an attorney for this. Another alternative is to "domesticate" your local LLC to WY so it becomes a WY LLC. Please confirm your state allows you to essentially move your current LLC to WY. I hope this helps. Sorry I don't have a simple answer for you! Best regards, Chris
@user-bp2jj2zn1b
7 ай бұрын
Thank you for the great video. In the section where they ask for company address information, you mentioned that you do not need a company address in the state of Wyoming if you're not doing business in the state of Wyoming. In the example, you chose the address that you have for your California business (a fictitious address in the state of California for demonstration purposes). However, if one were to use the address of the state specific LLC, which is a subsidiary LLC of the Wyoming holding LLC, then wouldn't that make it easier for a plaintiff attorney to pierce the corporate/LLC veil at the first possible level of protection (the first level out of the two possible levels of protection offered by the Wyoming holding company strategy in a piercing the corporate/LLC veil situation), since they can make the argument that the subsidiary LLC (the California LLC in your example) and the Wyoming LLC are one and the same, because they share the same business/company address? Therefore, in this scenario, wouldn't it be more advantageous to use a separate address for the Wyoming holding LLC (such as a virtual address) that is different from the California subsidiary LLC, to avoid this possible issue?
@cjlawvideos
7 ай бұрын
Thank you for the kind words and for your great question. Depending upon what state's laws are used, there are a number of factors a court would consider in a piercing the veil case. Using the same business address for the two LLCs might be cited by a plaintiff's attorney as one of the reasons why they should be able to pierce the veil. However, there would most likely have to be many other reasons the veil should be pierced. Note that, even if the CA LLC's veil is pierced, the plaintiff would also have to pierce the WY LLC's veil to get to your personal assets. With that said, I think it is a good idea to have separate addresses (virtual office with meeting options, UPS store mailbox, Bizee/Incfile's virtual office address, etc.). Note that, with regard to Incfile/Bizee, you can ask for a CA virtual office address after the fact. And, you are correct that this address need not be in WY so long as you have a WY agent for service of process. Again, great question - and I hope this helps! -- Best regards, Chris
@user-bp2jj2zn1b
7 ай бұрын
@@cjlawvideos Thank you for the great answer. :)
@cjlawvideos
7 ай бұрын
@@user-bp2jj2zn1b You are welcome! Best regards, Chris
@user-qk1to4pn3v
9 ай бұрын
This video is super helpful thank you!! If I live in Portugal, do I then need a Wyoming business address, since I am not doing business in WY? I've been told and read so many different things from getting a virtual address to a registered agent. These costs are adding up, and I am trying to understand this all without throwing money around.
@cjlawvideos
9 ай бұрын
Hi. Thank you for your kind words and for watching my video. Good question. You will need a registered agent in WY, but you may not need to have an address in the U.S. I believe that Incfile lets you put in a foreign address. I tested this once and see that they have addresses in their drop down menu all over the world. However, if Incfile won't allow it, then I know they will offer a virtual office address for $29 per month. Please let me know what you learn as you go through the process. Good luck and keep me posted! Best regards, Chris
@Limsaa
Жыл бұрын
Hey ! Is there any differences if I want to make one and I live in Canada, I don't plan to have any businesses in Wyoming, can I put my canadian adress for the company adress ? Thank you keep up the good work
@cjlawvideos
Жыл бұрын
Hi. Thank you for the kind words. I just went to Incfile (bit.ly/IncFileForLLC) to confirm whether you can use a Canadian address as your business address. Although you can provide your Canadian address to Incfile for Incfile's internal purposes, they did not have the option of listing your Canadian address as the "business address." You can use a virtual office in WY if you like for $29 per month from Incfile. However, before you commit to that, I suggest that you contact Incfile customer service and see whether you can just have Incfile as your registered agent in WY, with no other US address, and have your business address listed as in Canada. Please let me know what you learn. Thank you! Best regards, Chris
@KlownDreamin
8 ай бұрын
Hi Chris, Love your videos! They are very informative in an understandable format. Here's my question. I'm a stock market and occasionally crypto investor that lives in Ca but I think I want to form a WY LLC for asset protection of my portfolio as well as anonymity. At this time I do not own any real estate but that could possibly change in time. I also want to have assets available in a trust for my heirs. Since I live in CA, I understand that a CA self corp is the best thing to minimize my taxes. How would something like what I am talking about be structured?
@cjlawvideos
8 ай бұрын
Thank you for the kind words. I can't give you tax advice, and I can't provide specific legal advice without being retained. With that said, for a CA business I would recommend a WY LLC which either (i) qualifies to do business in CA (least expensive), (ii) owns a CA LLC, or (iii) owns another WY LLC which qualifies to do business in CA (most expensive since the subsidiary WY LLC would have to qualify in CA). As for whether you want to elect "S-Corp" tax status or not, that depends upon what you intend to do with your LLC and should be discussed with your CPA (or during the Bizee, formerly Incfile, free tax consultation). If you intend for it to own real estate (either directly or through another LLC), then you would not want to elect S Corp status. That is the primary exception to my general rule that I like LLCs taxed as S-Corps. Regarding your trust, either now or later I would recommend that you own the WY LLC member interests in the name of the trust. If you form the trust later, you can always transfer the LLC membership interest into the trust. I hope that helps. If you need more specific advice, feel free to reach out to me via my website: www.chrisjacksonlaw.com. Best regards, Chris
@JillianMusonda
3 ай бұрын
Great video, thanks Chris!
@cjlawvideos
3 ай бұрын
Glad you liked it, thanks! Best regards, Chris
@darylrichardson3341
2 күн бұрын
When we start the application and it ask for a domain name, do we input our domain name that we bought through a different service, or do we have to create one on the Wyoming llc website?
@cjlawvideos
Күн бұрын
Hi. Thanks for watching and for your question. I have not seen this question come up before, so I just tried going through the "Premium" package (which includes domain name) process, and was not asked that question. However, with that said, if you are choosing the Premium Package and getting that question after you have formed your entity, then since a free email and domain are included with the package, I would think you would put in a new domain. However, if you want to keep your current domain, then you should reach out to Bizee and see whether they can credit you or give you say, 2 years' of email service on your existing domain. Please call their customer service at 1 (844) 830-8267 and let me know how it goes. Thanks! Best regards, Chris
@deveichler
5 ай бұрын
Chris, Thank you for the helpful information. My Partner and I are looking to set up a Wyoming based LLC for the many reasons you listed in your pervious videos. We have a few questions for you on the topic of Physical Address. 1.) When establishing your "Physical Address" we understand that it does not need to be a Wyoming address, but should it be a location aside of your personal address? My understanding is that it will be registered with that state of Wyoming and therefore publicly recorded for other to see diminishing the "Anonymity" provided by establishing in Wyoming in the first place. 2.) My partner is located in Washington, and I'm located in Illinois, If we need to establish a location apart from our Personal address, is there any benefit to establishing a new "location" in our home state vs a virtual address in Wyoming? 3.) Why have a Registered agent if you're also require to have a physical address when establishing in Wyoming?
@cjlawvideos
5 ай бұрын
Hi. Thanks for watching my video and for your question. Yes, the address issue is a bit confusing, so please note the following: 1. Wherever you form your LLC (in your case, WY), you need to have a registered agent with an address in that state. You can be your own registered agent if you'd like, but you have to live in that state. 2. Unless you are your own registered agent, your business address is separate from the address of your registered agent. In WY, on the filed Articles of Organization, the only information that is disclosed is the business address and your registered agent. 3. Note that the business address listed on the WY Articles of Organization does NOT need to be in WY. It can by WY, or WA or IL (or wherever you like). 4. If you want to avoid listing your personal address as the business address on the Articles of Organization, then you have a few options. First, you can ask Bizee/Incfile to provide you a virtual office address (either in WY or elsewhere - the default is in WY when you form your WY LLC). They provide this service for $29 per month (and it includes receiving and scanning you your mail). It's a pretty good option in my view (and I use it myself in one of my companies). Other options include (i) your actual office address in either your or your partner's state (if applicable), (ii) a virtual office in either your or your partner's state (e.g., Regus, Alliance, etc.), or (iii) a UPS Store mailbox address in either your or your partner's state. I hope that helps, but please let me know if you have other questions. Thanks! Best regards, Chris
@devineichler4676
4 ай бұрын
@@cjlawvideos Assuming you have a registered agent and a virtual address established. Is there ever a reason to use your personal information when setting up you LLC? Example: When establishing your primary point of contact should this be your registered agent or one of the member managers? Additionally, why does this process limit you to establishing only one authorized signatory, is there any cause for concern for the partner in the endeavor that is not a "authorized signatory"?
@cjlawvideos
4 ай бұрын
@@devineichler4676 Hi Devin. I cannot give you specific advice without being retained, but here are some general principles to consider. I would use whatever address you are comfortable disclosing as the business address at which you will receive mail. This should be either your virtual address, your home address, a UPS Store mailbox addrss or an office/retail location address (if applicable). For example, to the public I might use a virtual office address, but for IRS correspondence (e.g., the EIN, the tax returns, etc.), I would probably use my home address (since it is sensitive correspondence, and I want to make sure only I receive it). For authorized signatories, if you are asking about a bank, you should include whomever you like on the LLC bank account as an authorized signatory. Just make sure you are comfortable with that person (and perhaps have limits in place in terms of check or withdrawal amounts). If you are talking about having more than one Manager, you can put in the LLC Operating Agreement that either (i) all documents require the signatures of all Managers or (ii) one Manager may sign on behalf of the LLC, but all Managers must agree on the actions taken and the terms in the document. Hope that helps! Best regards, Chris
@patmarram
4 ай бұрын
Is it possible to create the LLC in The state Wyoming "where the company was formed, while the state of service is where you are seeking to obtain authority to transact business is in California? Or should I list everything in Wyoming when I do not have any properties there? My business will be in CA.
@cjlawvideos
4 ай бұрын
Hi. Thanks for watching and for your question. I cannot give legal advice without being retained, but here are some general things to consider. For the reasons set forth in this video: kzitem.info/news/bejne/spedn6qip6JkZ20, I prefer to form my LLCs (and my clients' LLCs) in WY even though the business is conducted elsewhere (e.g., in CA). Although you have to pay a bit extra in fees compared to simply setting up a CA LLC, in my view due to asset protection advantages in WY vs CA it is worth it. If you are going to simply qualify/register your WY LLC in CA, the fee difference (as compared to just having a CA LLC) is as follows: (i) the one-time fee to qualify/register your WY LLC in CA, which the company in my video will do for you - or you can do on your own), plus (ii) $60 per year annual report fee in WY (assuming you don't have property in WY it will be no more than $60 per year). You will also have registered agent fees in WY, though this company caps them for you and gives you the first year free. If you are going to have your WY LLC own a rental property or two, you can also consider having a subsidiary LLC in CA. This means you would own the WY LLC, the WY LLC would own the CA LLC and the CA LLC would own the property. This adds an additional layer of protection for you, but it requires two LLC set up fees rather than one. My video referenced above covers the options and pros and cons. --Hope this helps! Best regards, Chris
@DanielsBrew
5 ай бұрын
Great video Chris! Just a quick question - does IncFile/Bizee have a process for creating 1 or more DBAs during the registration process?
@cjlawvideos
5 ай бұрын
Thanks for the kind words. I don't believe that is an option during the LLC registration process, but you can have them file a DBA for you as an add-on service. You can go here: bit.ly/IncFileForLLC and select "Services." You'll see the DBA filing service under the "GET A ..." column. Best of luck to you and your LLC, and let me know if you have other questions. Best regards, Chris
@DanielsBrew
5 ай бұрын
@@cjlawvideos Thanks Chris! Just one more for you - I'm currently looking to open up a couple of DBAs, under my LLC. I was told that each DBA (when registered) gets their own tax ID # and therefore you can open up a separate bank account with each DBA. Is that correct?
@cjlawvideos
5 ай бұрын
@@DanielsBrew Hi. Regarding DBAs for your LLC, you will just use your LLC's EIN. DBAs do not have separate tax ID #s. With that said, since each DBA is tied to your LLC, you should be able to open a separate bank account for each DBA (using your LLC's EIN). Hope that helps, but let me know if you run into any issues. Best regards, Chris.
@DanielsBrew
5 ай бұрын
@@cjlawvideos Thanks Chris - appreciate it!
@cjlawvideos
5 ай бұрын
@@DanielsBrew You're welcome. Best regards, Chris
@jeffsan8343
10 ай бұрын
How to setup NY LLC for rental owned by WY LLC. And for operating agreement what industry do I choose from law depot. For the rental llc and for holding llc.
@cjlawvideos
10 ай бұрын
Hi Jeff. Thanks for watching my video and for your questions. I can't give you specific legal advice, but here are my thoughts based upon the information you provided. Although I have not made a video on how to from a NY LLC, I just went through the steps on Incfile, and they are the same as with Wyoming. So, you should be able to use my WY LLC tutorial for NY as well. Regarding the industry type, note that this isn't too important. What's more important in my view is that you have the following (or something like it) as your business purpose: "The purpose of this LLC is to engage in any lawful act or activity for which an LLC may be organized." You can add that in the Law Depot Operating Agreement. And, note that Incfile's Operating Agreement has similar language no matter what industry you choose. With that said, I would choose "Real Estate" for both the WY LLC and NY LLC. Or, you can choose "Other" for the WY LLC if you like. FYI, for the industry on Incfile, for the WY LLC I would choose a "holding company" code like 551112. For the NY LLC that will own the rental property, I would choose "real estate renting" for residential (assuming it's not commercial property), and that code is 531110. Hope that helps, and let me know if you have any other questions. Thank you! Best regards, Chris
@jsnoww101
9 ай бұрын
Hey so for the silver package it doesn’t say it comes with an Ein number, but wouldn’t any LLC come with an Ein by default?
@cjlawvideos
9 ай бұрын
Hi Jay. Thanks for watching my video and for your question. The Silver package does not include the EIN (only Gold and Platinum do). With that said, you can obtain an EIN on your own for free via the IRS website. I have a video on that if you’re interested. Best regards, Chris
@jsnoww101
9 ай бұрын
@@cjlawvideos awesome! Thank you for your response. Your information is very valuable. I’m now subscribed and look forward to more of your videos.
@cjlawvideos
9 ай бұрын
@@jsnoww101 Thanks Jay. I appreciate the kind words! By the way, here is the link to the video on how to obtain an EIN: kzitem.info/news/bejne/1HuA1HZmp5h5pXY. Best regards, Chris
@Coastaldownsizing
8 ай бұрын
Hi Chris. Thank you for your videos. Any chance you could do a video on forming a Wyoming LLC holding company and how to move existing LLC’s under that holding company. In my case, I have 3 Virginia LLC’s. Thank you
@cjlawvideos
8 ай бұрын
Hi. Thank you for the question. I am getting this question a lot lately, so I will in fact make a video on how to move existing LLC membership interests into a WY LLC so the WY LLC holding company becomes the owner of the existing LLCs. Thanks for the suggestion! Best regards, Chris
@therock1232100
11 ай бұрын
I want to use Wyoming as a holding setup. What I need to put in business purpose question?
@cjlawvideos
11 ай бұрын
Hi Nathan. Thanks for watching and for your question. It's a good question. Here are some options to consider: 1. If you are asking what to put into the section where you have to write in the business purpose, if you want to keep it as broad as possible, I would say: "To engage in any lawful act or activity for which a limited liability company may be organized." 2. If you prefer the scope to be a bit more narrow, you can just say "Holding company." 3. With the above said, note that I would not worry too much about business purpose now. It is something that usually goes in the LLC Operating Agreement, which you have control over after you form your LLC. And, I just checked and confirmed that Incfile's form Operating Agreement provides a broad purpose no matter what you write in the business purpose section. In the Incfile standard Operating Agreement, it simply states that "the purpose of the business shall be to carry on any activity which is lawful under the jurisdiction in which it operates." 4. Once you get to the SAIC code section, if you start typing in "holding" you will see some options. I don't know exactly what your objectives are, but a good general one to consider is "Holding companies that manage" (551114). Note that your choice here is not too important because it doesn't show up in an documentation. It is primarily for your benefit in case you need to reference your company's SAIC (which you can always search for later). Incfile asks because they will refer to this in the event you want Incfile to help you determine whether you need a business license or permit. I hope this helps, but if not please let me know. Thank you! Best regards, Chris
@therock1232100
11 ай бұрын
Thanks for the clarification
@Quirkiverse2024
6 ай бұрын
Hello Chris, I'm a foreigner and not a resident in the USA. I want to open an LLC in Wyoming to operate solely online selling digital products (nothing physical) worldwide, including the USA, for example via Paypal and Stripe. In this case, will my LLC have to pay federal taxes in the United States or not? Sometimes the transactions don't only occur within the USA, I have clients in Italy, Germany, Brazil, Spain, and also in the USA. What should I be concerned about regarding taxes in this case? Thank you and congratulations on your channel.
@cjlawvideos
5 ай бұрын
Hi. Thank you for your kind words and for your question. I cannot give tax advice, but here is a good article by a CPA on foreign-owned LLC's tax obligations in the U.S.: oandgaccounting.com/foreign-owned-us-llc/7-common-questions-about-foreign-owned-u-s-llcs-answered-by-a-cpa/. You may want to reach out to them with any questions you have, as they specialize in representing foreigners doing business in the U.S.. Thank you, and best of luck to you and your LLC! Best regards, Chris
@ianslater4364
3 ай бұрын
Question, I'm confused over that I have the option for the Wyoming address but it seems like I'm being asked for my NY address in some prompts on the site. Not sure what I'm doing wrong
@cjlawvideos
3 ай бұрын
Hi. Thanks for watching and for your question. Note that when they ask for your company address, you can either choose a virtual office in WY (for $29 per month, which is what I do) or use another address (e.g., your address in NY - it does not need to be in WY). Note that whatever address you choose as the company address will be filed in WY on the Articles of Organization. They might also ask for your contact address or billing address, but that's between you and Bizee. Also, since you are in NY and presumably don't have an address in WY (and thus cannot serve as the Registered Agent in WY), you will need to appoint a Registered Agent in WY (which Bizee will do for free in Year 1 and lock in a good rate of $119/yr thereafter). Hope that helps, but if you have other questions please let me know. Thanks. Best regards, Chris
@shofarhagadol4698
Жыл бұрын
What if I wanted my Wyoming irrevocable trust to own a Wyoming LLC. I would be only a manager of the LLC and not a member. Are there any implications that I should be aware of?
@cjlawvideos
Жыл бұрын
Hi. I can't give you legal advice without being retained. I'm not an estate planning expert, so you should discuss your options with a CPA or attorney that is an expert in estate planning. With that said, my general understanding is that, if you want to hold your LLC interest in a trust, you have the option of a revocable trust (full control but less asset protection), and irrevocable trust (great asset protection, but you lose control of the LLC) or an irrevocable asset protection trust (which combines the best of both). So, you should explore an "irrevocable asset protection trust" rather than a standard irrevocable trust. Your question about having an irrevocable trust as the owner and you as the manager may violate the lack of control requirement of the standard irrevocable trust. That's a creative way for you to look at it, but make sure serving as manager will not result in any negative implications. Hope that helps, and thanks for watching! Best regards,, Chris
@golfsaengpan833
11 ай бұрын
Hi, Chris. Thank you for the video; you make it easy to understand how to registering an LLC with Incfile. I am starting a small business in Connecticut and also live there. Can I register an LLC in Wyoming? Am I supposed to choose a non-resident option? Thank you
@cjlawvideos
11 ай бұрын
Hi: Thank you for the kind words. I'm glad the video was helpful! I can't give you specific legal advice, but I'm happy to share some general principles. Yes, you can form a WY LLC and have it qualify to do business in CT. You can also have it own a CT LLC for additional asset protection purposes. However, most of my clients only do this if they have real estate, manufacturing, or other high-risk high-liability types of businesses. Regarding the non-resident question, I believe you are referring to the EIN section. For that, you would say you are a resident (US resident). Let me know if you have other questions, and good luck to you and your business! Note that I have a video on what to do after you form your LLC here: kzitem.info/news/bejne/sqx824h_bHWVlYY Best regards, Chris
@golfsaengpan833
11 ай бұрын
@@cjlawvideos Hi, Chris. Thank you for responding to my question. I filed an LLC this afternoon and decided to do it with CT State. And I feel like I made the right call after seeing your helpful information. I do not have considerable cooperation yet, so I think for the starting point, filing CT LLC will do for now. Do you think so? I have a secret to tell you: I liked your video and Subscribed to your channel with my other KZitem account. I am using this account to write you because it is more appropriate.
@golfsaengpan833
11 ай бұрын
Can I have one additional question? I filled in the store's purpose as a home fragrance and decor item. The NAIC code is 453998. Am I chosen the collect code? Home Fragrance is candles. Thank you
@cjlawvideos
11 ай бұрын
@@golfsaengpan833 Hi. Thank you for your subscription and for liking my video. It is much appreciated. Yes, to reduce fees, you can always have the LLC in your home state only. I recommend WY and other jurisdictions (DE, NV & NM) to maximize asset protection and if anonymity is important. However, that means you will have filing and annual fees in two states (e.g., WY and CT in your case). I'm not sure what type of business you have, but a home state LLC is a good option for most people. I wish you all the best! Best regards, Chris
@cjlawvideos
11 ай бұрын
@@golfsaengpan833 Hi. Sorry for the late reply. For some reason KZitem thought your question was spam. I'm not sure exactly what your NAIC code should be, but that looks correct. Note that you should not worry too much about that code, as it is rarely used and is provided to you internally only. You may need the code if you, for example, bid on a government contract or take out a loan that only applies to certain industries. Otherwise, you may never need it or use it. And, you can always confirm it later if you are unsure whether that is precisely correct. Best regards, Chris
@mynonmitton5323
4 ай бұрын
Thank you so much I was told to get an LLC in WY from someone else who indicated that I can then place my current LLC in AZ that has my home address under the WY LLC how is that done and do I need 2 EIN numbers?
@cjlawvideos
4 ай бұрын
Thanks for watching and for your question. I cannot give legal advice without being retained, but here are some general things to consider. If you have two LLCs (e.g., WY and AZ), then you will need a separate EIN for each LLC and a separate bank account for each LLC. If you plan to contribute your AZ LLC membership interest into the WY LLC and own the WY LLC, then it sounds like you are setting up a holding company structure. If I've misunderstood your question, please let me know. Thank you. Best regards, Chris
@williamlove3087
11 ай бұрын
Which state is the best place to set up an LLC?
@cjlawvideos
11 ай бұрын
Hi William. Thanks for watching and for your question. I'm a fan of Wyoming for asset protection, anonymity and tax/fee reasons. I covered the best states in more detail in my video on the Best State for Your LLC: kzitem.info/news/bejne/spedn6qip6JkZ20. Thank you. Best regards, Chris
@Azarichang
Жыл бұрын
can a non resident sign up here
@cjlawvideos
Жыл бұрын
Hi. Thanks for watching. Yes, you can form a WY LLC as a non-resident. Please let me know if you have any other questions, thank you. Best regards, Chris
@davidvoltaire260
Жыл бұрын
@@cjlawvideoshow does that work
@cjlawvideos
Жыл бұрын
@@davidvoltaire260 Hi David. You can go through the process in the video, but when you get to the question about the EIN (Tax ID) for your LLC, you just let them know you are a foreigner. Wyoming is a great state for non-residents to form LLCs. I have had non-residents form WY LLCs and open bank accounts for their LLCs (after Incfile obtains for them the EIN for the LLC, which is needed to open the bank account). I hope that helps, but if not, let me know. Thank you. Best regards, Chris
@MisstyG
11 ай бұрын
If you're not a legal citizen, you are breaking federal laws and shouldn't be here.
@etgtv698
11 ай бұрын
@@cjlawvideoscccbfub😅j
@user-tv7hl8bm1q
3 ай бұрын
Chris, I missed my annual report in FL but was planning to take my LLC to another state anyway. What company do you recommend me seeking some guidance on how to transfer my LLC to WY or NV? I realize there will be a late fee in FL, but I really do not want my LLC in FL anymore. I already have an EIN and my business will operate in 48 of the 50 states.
@cjlawvideos
3 ай бұрын
Hi. I use Bizee (formerly Incfile) for most services. I would try them first: bit.ly/IncFileForLLC and ask whether they provide domestication or conversion services for a FL LLC to WY. By the way, I'd pick WY since NV has very high annual fees. If they cannot do it, I have used the following company as well: incserv.com/. There are other entity service companies who can do it. Hope that helps, and let me know if either are able to help you. Thanks!
@chillbillch
2 ай бұрын
Thanks Chris, what are the implications when opening a business bank account for the Wyoming LLC while residing in California?
@cjlawvideos
2 ай бұрын
Hi. Thanks for watching and for your question. You shouldn't have any issue opening an account in CA for a WY LLC, but some bankers don't understand out-of-state LLCs which may mean it will have to be elevated to manager. The reason is that some bankers are used to looking at the CA Secretary of State's website and confirming certain information about the LLC that WY's Secretary of State does not disclose to the public. Normally, all a bank should need is a file-stamped copy of the Articles of Organization and your EIN Statement, both of which you can provide. If they want an Operating Agreement, Bizee will provide a basic one, but see my notes under the video for other Operating Agreement options. If it is an issue, I suggest elevating it to a manager or using a different bank. You can also set it up as part of the formation process with BofA via Bizee. For an interstate bank, it shouldn't make a difference whether you form it in WY or CA. With the above said, if you have to qualify/register your WY LLC in CA because you are doing business in CA, then this will solve any problems that a junior business banker may have in opening your LLC's bank account. I hope this helps, and let me know how it goes if you could. Best regards, Chris
@chillbillch
2 ай бұрын
@@cjlawvideos Thanks Chris for that detailed explanation. Really appreciate it. I'll keep you informed on how it goes. Have a great day!
@cjlawvideos
2 ай бұрын
@@chillbillch You too, thank you! Best regards, Chris
@user-hl9oc4uj6f
7 ай бұрын
Im trying to create a holding company. How would I do that?
@cjlawvideos
7 ай бұрын
Hi. Thanks for watching my video and for your question. If you don't already have another LLC, you can start with a WY LLC as the holding company, and you would own (be the member) of such WY LLC. Then, when you form new LLC(s) which will serve as the operating LLC(S), the owner of each LLC would be your WY LLC (the holding company). If you already have an LLC that you own, you can create a WY LLC owned by the same owner(s) of the current LLC, and "contribute" (transfer) the membership interest of the existing LLC to the WY LLC. In either scenario, you own the WY LLC and the WY LLC is the holding company for other LLCs. I hope that helps! Best regards, Chris
@adrianhom1721
6 ай бұрын
Hi Chris, Thank you so much for all your knowledge and assistance. I’m starting a record label with a few people that live in NYC. The LLC’s assets will be two different copyrights which are triggered when you make a piece of musical work. I however am a foreigner, while they are all citizens. How would you advise that we structure the partnership llc with that in mind ? Thanks in advance !
@cjlawvideos
5 ай бұрын
Thank you for the kind words. I cannot advise you without knowing more, and I'm not taking on new clients at this time unless they are located in CA. Given the complexity of your partnership, I recommend you try to retain an attorney in either WY or NY to represent you in structuring the LLC and the Operating Agreement. I'm sorry I could not help, but if you have any questions about forming the LLC based upon my tutorial, please let me know. On another note, I have a related company that is about to launch a legal template service which includes attorney-quality contracts at a fraction of what you'd pay an attorney. The first two templates will be single-member and multi-member LLC Operating Agreements. If you are interested, here is the site: www.attorneydrafted.com. Thank you! Best regards, Chris
@kasunranwalage76
7 ай бұрын
hi Chris, your video gives me good idea about start LLC in WY. but still I have a question for my requirement since I am a non residential person in USA but willing to start a ecommerce website by registering in WY,USA. Can you give guidance as a video and it will be great for me as well as non residential persons who like to start business in USA.
@cjlawvideos
7 ай бұрын
Hi. Thank you for watching my video, and I'm glad you liked it. Yes, I will work on a video that caters to foreign nationals starting an LLC in the U.S. In the meantime, please note that you can form an LLC in WY on your own. Just follow the instructions in this video, but when you get to the EIN section, select that you are a foreign person. Incfile/Bizee will obtain the EIN for your LLC for you, which will allow you to open a bank account for your LLC in the U.S. Let me know if you have any other questions, thanks! Best regards, Chris
@victorngigi4266
2 ай бұрын
Is there a way around the SSN if you're not in the US
@cjlawvideos
2 ай бұрын
Yes, when you get to the EIN section, if you don't have a SSN or ITIN, you can state that you are a foreigner, and Bizee will help your LLC obtain an EIN. It takes longer, but this is the way to get a Tax ID (EIN) for your LLC and open a bank account for your LLC if you don't have a SSN. I hope that helps! Best regards, Chris
@randybaldovino
7 ай бұрын
Hi Chris, awesome and super helpful video - thank you sharing. QQ: I live in California, but would like to create a WY LLC for anonymity and asset protection. My understanding is that since I live in CA, I’m REQUIRED to create a CA LLC and pay the $800 franchise fee in addition to me creating a WY LLC, but that would defeat the purpose of anonymity since CA LLC member are public info. P.S. I will not do business in CA, I just live here. I will do business in OH. Is there another way? Thanks in advance and i look forward to watching your next video!
@cjlawvideos
7 ай бұрын
Hi Randy: Thank you for watching and for your kind words. I cannot give you specific legal advice without you retaining me, but here is what I believe to be a good guide as to whether you need to qualify your WY LLC in CA: www.mayerbrown.com/-/media/files/perspectives-events/publications/2021/03/guide-to-doing-business-in-californiav2.pdf. Note that, per the article and the CA Corporations Code, having a member who lives in CA does not necessarily require the LLC to qualify to do business in CA (but confirm with your own CPA or CA attorney). This will change if you start paying yourself payroll. If you do pay yourself wages in CA, then per the FTB you would be considered "doing business" in CA if the LLC pays you the lesser of $61,040 or 25% of the total compensation paid. Another possible option is that you can have say, a WY holding company own another WY LLC (or OH LLC), and if you have to qualify in CA as an out-of-state LLC, Section 5 of the CA Statement of Information allows you to list the Member or Manager as an entity rather than as an individual. However, someone needs to sign it (e.g., your attorney). Note that the penalties for not qualifying in CA if you should have are fines (limited to $600 per individual or $1,000 per entity) plus a possible misdemeanor charge. Also, the LLC would not be able to sue someone in CA. Hope that helps! Best regards, Chris
@rosschavez983
11 ай бұрын
How now do I place real estate property in my new LLC
@cjlawvideos
11 ай бұрын
Hi. Thanks for watching the video and for your question. It's a good question. I cannot give legal or tax advice without being retained, so please seek your own counsel. With that said, generally speaking, so long as the LLC is owned like the property is owned (same percentage ownership), you should be able to transfer via Grant Deed or other Deed (depends upon State) from yourself to your LLC without any issues. In terms of how you make the transfer, you have a couple of options. I normally use the title company which helped close on the purchase of the property. They will oftentimes do it as an "accomodation recording" (recording the new Deed showing the transfer to the LLC) either for free or a small fee. Alternatively, you can go to your county recorder's office and ask them for the forms to transfer the property. Either way, this type of transfer is very common, so either the Title Company or the Recorder's Office should be able to help you. If you are uncomfortable with either approach, you can hire a real estate attorney (or other local counsel) in your state to help facilitate the transfer. Let me know how it goes. Thank you. Best regards, Chris
@JamesJohnson46891
5 ай бұрын
If I have an online business (creating content and traveling as a speaker), but live/work in North Carolina, can I file my single-member LLC (S-Corp) in Wyoming and receive full charging order protection? (My business does not own a physical building or have additional employees here in NC). Some experts are saying "yes" and others are saying that I would have to form an LLC in the state I live/work in and form a Wyoming Holding LLC to own this foreign LLC to gain the Wyoming charging order protection. I would greatly appreciate if you could clarify, and thank you!
@cjlawvideos
5 ай бұрын
Hi James. Thanks for watching and for your question. I can't give you legal advice without being retained, but for reasons I set forth in this video (Best States for Your LLC: kzitem.info/news/bejne/spedn6qip6JkZ20), Wyoming gives the best charging order protection for the members of a WY LLC (especially single-members such as yourself). So, starting with a WY LLC is a good start. However, if you have to qualify your WY LLC in NC (check NC law), then the WY LLC is availing itself to the laws of the state of NC. If you get sued personally in NC, this may raise the question as to whether NC law applies to a charing order or WY law. If NC law applies, I believe NC limits the charging order to distributions only (unlike states like CA which can force a sale of the interest). Please double check this. With that said, if you have a subsidiary LLC (e.g., in NC) as the operating entity and a WY LLC as the holding company, this simply provides an additional layer of protection against charging orders. And, the WY law will likely apply to a NC personal creditor since the WY LLC did not qualify in NC and thus did not avail itself to NC law. With all of the above said, if your LLC isn't asset-rich (e.g., its main assets are revenue rather than real estate), then having a WY LLC only should be fine. This is especially true if NC limits its charging order to distributions just like WY (though this may not apply to single-member NC LLCs - you should confirm). However, a WY LLC is preferred to a NC LLC for the reasons set forth in my video, including protecting single-members from having the veil of the LLC pierced by LLC creditors who can then go after your personal assets. I hope this helped. Best regards, Chris
@JamesJohnson46891
5 ай бұрын
@@cjlawvideos Thank you very much for your thoughtful reply. What you have said makes sense. However, I recently received a "wrench in the engine" as another attorney on KZitem, Sharon Winsmith replied with this answer: "The WY LLC strategy does not work for an active business. It doesn't matter if your business is virtual, you are doing most of the work from NC. That means you could be sued in NC regardless of where you set up the LLC. The WY LLC strategy is not applicable here. There is no ambiguity here. Anyone saying to use a WY LLC anywhere in your structure for an active business when you live in NC is wrong." Now, I am a bit lost and don't know who is right - her, or yourself. If she happens to be right, I suppose I could create a Wyoming Holding LLC to hold a separate LLC that contains just my digital assets - KZitem channel, Facebook page, IP rights, etc.), and then allow my separate "active LLC" to use these resources as needed". Do you have any additional thoughts on this? Thanks again.
@cjlawvideos
5 ай бұрын
@@JamesJohnson46891 Hi James. I cannot give you legal advice without being retained. It is true that you (or your LLC) can be sued in NC because you are residing there and/or your LLC is doing business in NC. The question is what law applies. There are two types of liabilities "inside liabilities" coming relating to the LLC (e.g., piercing the corporate veil, which WY protects well against) and "outside liabilities" (which are liabilities of the members of the LLC that may impact the LLC's assets). For charging order protection (outside liabilities), the case law is not clear what law would apply if a member residing outside of WY is sued outside of WY. If you qualify that WY LLC in your state to do business, the creditor would argue that the local state law applies to charging orders while you would argue that WY law applies. If the WY LLC owns a NC LLC as a subsidiary, then the WY LLC does not need to qualify to do business there and your position against charging orders is further strengthened. Here are a couple of blog posts from other attorneys which may help: andersonadvisors.com/wyoming-llc-filed-in-california/ and wyomingllcattorney.com/Blog/Single-Member-LLC-Asset-Protection. Either way, I would at a minimum start with a WY LLC, especially if it will be a single-member LLC.
@JamesJohnson46891
5 ай бұрын
@@cjlawvideos Wow, thanks so much for your thoughtful answer!
@cjlawvideos
5 ай бұрын
@@JamesJohnson46891 You're welcome, and good luck to you! Best regards, Chris
@meganharris5329
11 ай бұрын
I had an inactive WY LLC which unfortunately became inactive a little over 2 years a few months ago. Is it possible to still reinstate it by paying penalties
@cjlawvideos
11 ай бұрын
Hi Megan. I looked it up, and apparently you can only reinstate an LLC in WY if you do it within 2 years of its "administrative dissolution." If your timing is actually within 2 years, here is the form from the WY Secretary of State: sos.wyo.gov/Forms/Business/LLC/LLC-CertificateReinstatement.pdf. If you are correct about the timing and it is over 2 years, then it appears that your only option is to file a new LLC in Wyoming. Here is the link to my tutorial on how to form an LLC in WY: kzitem.info/news/bejne/u6JjqayBcH5ne5w Thanks for watching my video! Best regards, Chris
@AC-sm4mv
9 ай бұрын
Hi Chris, if I have Wyoming LLC as a holding company and I'm currently a W2 employee in another state, how do I file my tax return? And do I need to file tax return on my LLC if I'm not generating income? Thanks in advance.
@cjlawvideos
9 ай бұрын
Hi: Thanks for watching my video and for your question. I cannot give tax advice, but generally speaking you would file your LLC return in the state(s) in which it does business. If it has no income, but it has expenses, you should check with your CPA to determine whether the losses from the LLC may help you reduce taxes on your personal tax return. Please check with your tax advisor as to how to file the personal return (and LLC return). Best regards, Chris
@AC-sm4mv
9 ай бұрын
Thank you so much for your prompt reply! I really appreciate your time.
@cjlawvideos
9 ай бұрын
@@AC-sm4mv You are welcome, and best of luck to you! Best regards, Chris
@HopeProphecy
4 ай бұрын
Clarification question: if I want a Wyoming Holding LLC to manage a subsidiary LLC, do I have to set up my subsidiary as MEMBER-managed (by the holding LLC)? or can it be MANAGER-managed (by the Wyoming Holding LLC)? Assuming both LLCs are single-member, would there an advantage to either option?
@cjlawvideos
4 ай бұрын
Hi. I can't give legal advice and don't know what you are trying to accomplish, but you can set it up either way. I like manager-managed for the reasons I state in that video. Note that your decision as to whether it is member-managed or manager-managed is in the Operating Agreement only in WY. It only becomes a public disclosure issue if you register in another state that requires the name of the manager be disclosed. If you are not concerned about anonymity so much, I prefer that the person (i.e., you) serve as the manager of a manager-managed LLC as it makes it convenient to sign documents, open bank accounts, etc. However, if for anonymity purposes, you prefer to have the Holding Co as the Manager, I would still choose manager-managed. Why? The answer is that if it is member-managed, you may have to prove that you are the only member since all members must sign documents.
@HopeProphecy
4 ай бұрын
@@cjlawvideos Gotcha, and thanks! If I go the manager-managed route (having a Wyoming Holding LLC be the manager of a operating LLC (media creation business), could I 1) still lose anonymity in a state like Arizona that requires discolosure of members/managers? or 2) Have to foreign-file my Wyoming LLC (in some states) since it's the manager? My goals are anonymity and asset protection. Thanks again.
@HopeProphecy
3 ай бұрын
@@cjlawvideos Thanks!
@kbryant7709
11 ай бұрын
Once i create the wyoming llc an register it as foreign in my home state, do all other llcs in my home state go under the foreign entity or the original in Wyoming?
@cjlawvideos
11 ай бұрын
Hi. Thanks for watching and for your question. I can't give you specific legal advice without you retaining me, but here are my general comments. 1. I like to form a WY LLC which I personally own. 2. I can either qualify that WY LLC to do business in my home state (if qualification is required), or I will have the WY LLC own an LLC in my home state (which home state LLC is the one doing business). The latter option, which is what I believe you are considering, will provide more asset protection and insulation from liability. It does cost a bit more in terms of fees. 3. So, if you have a WY LLC as the owner of the home state LLC(s), then you don't need to qualify the WY LLC in your home state. If you want the WY LLC to directly do business in your home state without having a subsidiary LLC, then you should qualify it in your home state. Hope that helped, but let me know if you have other questions. Thank you. Best regards, Chris
@amidiro5989
Жыл бұрын
Great content! Your insights are very helpful, I have been binge watching your videos so thank you! I have a couple of questions regarding the structure of the LLC. If I am planning to partner up with a foreigner (not a US citizen), should I select the company or the individual election (member info) and can my partner/s relocate to my office from abroad right away (obtain legal work status, SSN etc) or are there additional procedures in place? Is it possible to start the company as 1 member/individual then adjust/ add partner/s later? And regarding hiring employees from abroad can I hire employees remotely vs relocation to my office Thank you!
@cjlawvideos
Жыл бұрын
Hi. Thank you for the compliments, and I'm glad you are finding the videos useful! While I can't give legal advice without being your attorney, here are my general comments: 1. Unless you elect to have your LLC taxed as an S-Corp, you can have either foreign individuals or entities as members of your LLC. Your prospective partner can thus be a foreign individual or foreign entity, it's up to you and your partner (when the time comes). 2. Regarding relocating to your office, your foreign partner would have to obtain the appropriate visa. It is best to seek the counsel of an immigration attorney to answer that question. With that said, having an ownership interest in a US LLC (or an employer-employee relationship), should help answer the "why" he or she wants to get the visa to the US. 3. Yes, you can always start as a single-member LLC and add members later. You should have your Operating Agreement set forth how potential new investors become members. 4. Yes, you can hire employees who live abroad. However, depending upon where they reside, there are potential payroll and tax obligations about which you should be aware. It is easiest to hire someone who works for a global employer of record (EOR), as the EORs should help you be compliant with the local laws. Hope that helps, and best of luck to you and your entity! Best regards, Chris
@deejay4837
Ай бұрын
Is it possible to establish a legal Wyoming address from out of state? Great vid btw!
@cjlawvideos
Ай бұрын
Thank you for your kind words. Note that you don't have to establish an office in Wyoming to open an LLC there, so long as you assign Bizee (or another entity) as registered agent in WY. However, if you want the LLC to have its main office in WY (like I do with one of my LLCs), you can use Bizee's virtual office option (like I do) for $29 per month. With that said, you can use your home address or another address in your home state as the business address for your LLC. It's up to you. Let me know if you have any other questions! Best regards, Chris
@deejay4837
Ай бұрын
@@cjlawvideos Thanks for the reply. I have to take a serious look into this. Cheers!
@cjlawvideos
Ай бұрын
@@deejay4837 You're welcome, and best of luck to you and your business. Best regards, Chris
@onetwo4932
4 ай бұрын
Hey Chris, I want to create an llc but I want everything private, I don’t want my home address to show up I live in Idaho, but if I make my llc in Wyoming can I use a P.O. Box? Or if any other option please let me know
@cjlawvideos
4 ай бұрын
Thank you for watching and for your question. In WY the only thing disclosed on the Articles of Organization is the address of the LLC (which address can be in WY or in ID or wherever you like). For the address, you can use Incfile's/Bizee's virtual office address (which is what I did) for $29 per month (and they scan and email you all mail). Or, you can use an address in WY or ID that is, for example, a UPS mailbox address. Although the members or managers are not disclosed on any public filing in WY, note that you will have to file an annual report in WY which will require the signature of an authorized representative (even if you sign it, the public won't know whether you are a member/manager). Note that, if you have to qualify your LLC to do business in ID, ID will have further disclosure requirements. However, you don't have to use your home address. I hope that helps! Best regards, Chris
@KirstenPowell-xe5et
6 ай бұрын
Where do I do a name search? Also do I look for this name in Wyoming or my state?
@cjlawvideos
6 ай бұрын
Hi Kirsten. Thank you for watching and for your question. You can have Infile/Bizee do the search for you by going here: bit.ly/IncFileForLLC and choosing "Resource Center" at the top, and then "Business Name Search Tool" on the left hand side. To search on your own in WY, go here: or wyobiz.wyo.gov/Business/FilingSearch.aspx. Regarding your home state, if you intend to qualify your LLC to do business in your home state you should run a search at your state's secretary of state (or the equivalent). If there is already an LLC in your home state by that name, when you qualify you will have to change the name to do business as (DBA) a different name in your home state. Ideally, whatever name you choose will be available in both WY and your home state so there are no hassles. Good luck, and let me know if you have other questions. Thank you. Best regards, Chris
@revenuebygritandgrace
4 ай бұрын
How can we put a current LLC out of NC and hide it in a Wyoming LLC?
@cjlawvideos
4 ай бұрын
Hi. Thanks for watching and for your question. I cannot give you legal advice without being retained, but I'll share some general principles to consider. If you'd like to form a holding company where you own the WY LLC and the WY LLC owns the NC LLC, you can do that. Generally you need to form the WY LLC with the same exact members and ownership interest as your NC LLC. You then enter into a contribution agreement contributing your NC LLC membership interests to the WY LLC. There should not be tax consequences to this, but please confirm with your tax advisor. If you want a more thorough explanation, and a sample Contribution Agreement, note that a related company of mine will be adding this to its templates soon at www.attorneydrafted.com. Alternatively, you can do a conversion or domestication of your NC LLC to WY. I will have a video on this eventually, but in the meantime, here is a good article about it: bizee.com/blog/domestic-llc-meaning. Note that, if you are doing business in NC, you will likely have to register your WY LLC in NC as a foreign LLC. I hope this helps! Best regards, Chris
@revenuebygritandgrace
4 ай бұрын
@@cjlawvideos wow! Thank you! Tremendously helpful! Yes we are interested in your company for guidance- I am on the newsletter! How do I purchase your/your companies services? THANKS!
@cjlawvideos
4 ай бұрын
@@revenuebygritandgrace Ok, good ... glad it was helpful. I am only taking on new clients located in CA at this time, but if you'd like to purchase templates and a holding company bundle from a related company of mine, you can go here: www.attorneydrafted.com. Thanks! Best regards, Chris
@celestenajae6899
Жыл бұрын
Hi Chris, I’m looking to start a virtual business with a WY LLC I am based in California and would love some advice on setting up a WY LLC that owns a California LLC. I’m wondering about fees and the overall process and what is the best course of action to take. Thank you in advance.
@cjlawvideos
Жыл бұрын
Hi Celeste: Thank you for your questions. I see you submitted an inquiry through my website. I will get back to you a little later today. Best regards, Chris
@mrsir181
Жыл бұрын
Do you need to do anything special to keep your personal information anonymous for the Wyoming LLC? Or is your information anonymous by default just be setting up a Wyoming LLC?
@cjlawvideos
Жыл бұрын
Hi. When you form your LLC in WY, the Articles of Organization lists the "organizer" only. This could be a representative at Incfile or any other corporate services company you use. It does not list the member or manager and is thus not public knowledge. Then, annually, you will have to file your annual report. The annual report only asks that someone sign the annual report. It does not indicate whether the signatory is a member or manager or officer. There is no title whatsoever. However, if you prefer not to sign it, you can have an agent or employee or attorney sign for you. Hope that answered your questions! Best regards, Chris
@v.dickson
4 ай бұрын
Hello, thanks for sharing this! I'm based in Ghana and not a US citizen, but have a SSN. Am I eligible to sign up for Wyoming LLC please? I have a website with an American platform and using an American print on demand company to fulfil customers' orders to be shipped across US and worldwide. Taxes are required from these American companies and I was wondering how do I go about that please?
@cjlawvideos
4 ай бұрын
Hi. Thank you for your question. Yes, many foreigners (with and without SSNs or ITINs) are able to form LLCs. WY is a great state for that, and when you get to the EIN section, just state that you are a foreigner. Incfile/Bizee will obtain a Tax ID (EIN) for your LLC, and you'll need that to open a bank account for your LLC. I cannot give tax advice, but here is a good article I recommend which should address most of your questions: oandgaccounting.com/foreign-owned-us-llc/mastering-us-tax-obligations-for-foreign-owned-llcs/#google_vignette Good luck to you and your LLC! Best regards, Chris.
@v.dickson
4 ай бұрын
@@cjlawvideos thank you!
@cjlawvideos
4 ай бұрын
@@v.dickson You're welcome, and best of luck to you! Best regards, Chris
@WadeMurley
Жыл бұрын
At the 9:00 mark it says that the address will be listed publicly. Doesn't that mean you won't have anonymity? Would love more details since I'm forming from MI.
@cjlawvideos
Жыл бұрын
Hi Wade. Yes, on the Articles of Organization that are filed in the state of Wyoming, it lists the mailing address and principal office address. If you are using your home office or otherwise don't want to list your address, I know Incfile has a virtual address option. Or, it may be less expensive to get an address from your local UPS store. Note that these addresses can be in your home state/town ... it's not necessary that you have a mailing or business address in WY (which is why you must have an agent for service of process in WY). Whichever address you choose, just make sure you can either go pick up the mail or they can scan or forward it to you. Hope that helped, and best of luck to you and your business! Best regards, Chris
@cjlawvideos
Жыл бұрын
Hi Wade. I'm not sure if you saw my response, but also please note that another virtual office option is Alliance. Here is the link (affiliate): bit.ly/AllianceVirtualOffices. Note that I chose to become an affiliate because they are in almost 50 states.
@user-hr9tr4ro8b
4 ай бұрын
What if I already have an EIN?
@cjlawvideos
4 ай бұрын
Note that your LLC will need its own EIN. If you mean that you already set up your LLC and that LLC has an EIN, then no need to submit any additional paperwork to the IRS. However, if you are forming a new LLC, then you'll need a new EIN that is specific to that LLC (you cannot transfer EINs). Best regards, Chris
@ahamedularefin9426
11 ай бұрын
Is this possible to open a LLC with study permit/students. I am a international student and want to do Business
@cjlawvideos
11 ай бұрын
Hi. Thank you for watching my video and for your question. Yes, Wyoming is a great state in which for non-residents to form LLCs (even those on student visas, which I believe is your question). Here is my video that takes you through the process step-by-step: kzitem.info/news/bejne/u6JjqayBcH5ne5w Here is the link to use for the tutorial: bit.ly/IncFileForLLC Note that this is an affiliate link, and if you purchase something I may earn a commission - this helps support my channel and is much appreciated! With that said, I personally use Incfile for my own LLCs and my clients' LLCs, and I only recommend services I use myself. If you select the “Gold” or “Platinum” packages, Incfile will obtain the EIN for your LLC. You need this to open an LLC bank account. Note that, when you get to the “EIN” section, just select that you are a foreigner. Incfile will also introduce you to a representative from Bank of America. Note that, even if Bank of America cannot open a bank account for a non-resident-owned LLC, I understand there are other banks in WY which will. Please let me know if you have any problems opening a bank account in Wyoming. Also, if you are not sure what other steps you should take after forming your LLC, here is my video which may help you: kzitem.info/news/bejne/sqx824h_bHWVlYY Thank you. Best regards, Chris
@Thebboyy
3 ай бұрын
is it a red flag to set up an llc before applying for usa b1/b2 visa ?
@cjlawvideos
3 ай бұрын
Hi. Thanks for watching and for your question. I am not an immigration attorney, and I recommend you ask an immigration attorney this immigration-related question. With that said, I did some quick research and see that there are mixed opinions about whether it is ok to form an LLC prior to applying for a B1/B2 visa. And, since it is outside my area of expertise, I unfortunately cannot give you a definitive answer. Please speak to an immigration attorney about this. Sorry I cannot help, and I wish you all the best! Best regards, Chris
@theeverydayangler
5 ай бұрын
Can you use a P.O. Box as your home address?
@cjlawvideos
5 ай бұрын
Hi. Thanks for watching and for your question. Note that, on the first screen, they are asking for your home address for internal communication purposes only (between you and Incfile/Bizee). Although that internal communication address won't be public, if you prefer you can use a PO Box. For the business address, I checked WY's Articles of Organization and see no restriction against using a PO Box. Incfile/Bizee should not have a problem with this either. I hope this helps, but if you have any other questions, please let me know! Thank you. Best regards, Chris
@mikeabboud6982
Жыл бұрын
Hi Doug, amazing content on this channel! If I obtain a Wyoming llc and use my out of state information like you did, would I be subject to out of state's tax laws? Also if i select to have a address in Wyoming instead of using my out of state address, will it still trigger Nexus law or will it give me anonymity and the all the taxes stay in Wyoming? Thank you 🙏
@cjlawvideos
Жыл бұрын
Hi Mike. Thank you for your kind words. They are much appreciated. I can't give you tax advice, and I cannot provide legal advice without being retained as your attorney. With that said, here are my general comments: 1. Generally you pay taxes in the states where you do business. For example, if you have a Wyoming LLC, do no business in Wyoming, but you live and do business in California, then you would pay taxes in CA (not WY). Furthermore, if you do business in multiple states, then you would apportion your tax obligations depending upon the amount of business you do in each state. It is a good question for your CPA. 2. The other issue you raise is whether you should qualify your WY LLC to do business in another state. That often depends upon whether you are considered to be "doing business" in that state. I can't provide you an answer without being retained as your attorney, but I can give you an example. For example, in California, the definition of doing business is somewhat vague: "entering into repeated and successive transactions of its business in [the] state, other than interstate or foreign commerce." California also lists some exceptions of what will NOT be considered doing business in CA. Also the Franchise Tax Board in CA uses dollar figures to determine whether the company is "doing business" in CA (Sales in California: the lesser of $610,395 and 25% of the entity’s total sales; Property in California: the lesser of $61,040 and 25% of the entity’s total real and tangible property; or Payroll in California: the lesser of $61,040 and 25% of the total compensation paid). The primary penalty for not qualifying in a state is usually that you cannot sue someone in that state. 3. Per one of my videos, if you very concerned about asset protection, you may also consider having your WY LLC own an LLC in the state in which you do business. If you are interested in retaining my services, you can reach me at chris@chrisjacksonlaw.com I hope that helps, and I wish you all the best! Best regards, Chris
@marketingsurvivalist5266
7 ай бұрын
Hi Chris, what happen if I want to create a content marketing agency and I live in nyc ? Is this possible ?
@cjlawvideos
7 ай бұрын
Hi: Yes, you can use a WY LLC for your content marketing agency. In fact, that is what I recommend for all types of businesses no matter where you are located for the reasons I set forth in this video: kzitem.info/news/bejne/spedn6qip6JkZ20. If you will be doing business in NY, then you would simply qualify your WY LLC to do business in NY. Bizee/Incfile will do this for you inside your LLC portal for an additional fee. This service is in your portal under "State/IRS Filings" then select "Foreign Qualification." You can also do it yourself in NY to save on fees if you like. I hope this helps, but let me know if you have other questions! Best regards, Chris
@marketingsurvivalist5266
7 ай бұрын
@@cjlawvideos cool I just came across your videos when I search for starting a llc. Ok I need to get this sorted soon. Will watch the video so what services do you do for clients do you have a video for that ?
@karlyoung4782
Жыл бұрын
can i open a bank account for the LLC without going to the USA?
@cjlawvideos
Жыл бұрын
Hi. Thanks for watching my video and for your question. Yes, the LLC can open a bank account once it obtains the "EIN" (Employer Identification Number or Tax ID). Incfile will help you obtain the EIN as a foreigner. I would check with Incfile customer service whether they can also help you open the bank account (once the EIN is obtained) with their preferred banker (Bank of America). I know other non-US followers of my channel have opened bank accounts in WY, though I'm not sure at what banks. Please let me know what Incfile says on the bank account question. In case you don't have it, here is the Incfile link that goes with my video: bit.ly/IncFileForLLC. Note: if you purchase something using my link, I will earn a commission - at no extra cost to you. This supports my channel and is much appreciated. Thank you! Best regards, Chris
@karlyoung4782
Жыл бұрын
thank you very much for your prompt reply @@cjlawvideos
@cjlawvideos
Жыл бұрын
@@karlyoung4782 You're welcome, and let me know how it does with the bank account. Thanks! Best regards, Chris
@Queteimp
8 ай бұрын
Greetings : can house flipping be donde with an LLC based in Wyoming?
@cjlawvideos
8 ай бұрын
Hi: Thanks for watching my video and for your question. Yes, a WY LLC can be used for house flipping. Note that you will have to qualify your WY LLC to do business in the state or states in which you are buying and selling your houses, and Incfile can do that for you. You also have the option of forming a WY LLC as the holding company for the LLC which will flip the houses. This provides an extra layer of protection. You can have the house flipping LLC either formed in the state in which it is flipping houses, or have it in WY also and qualify that LLC in the house-flipping state. I hope that helps! Best regards, Chris
@Queteimp
8 ай бұрын
God bless for the help. It does a lot. On my first question I must have included flipping/wholesaling I mean it is almost the same sort of thing but sometimes there are exeptions. So is wholesaling also included..... 😁@@cjlawvideos
@cjlawvideos
7 ай бұрын
@@Queteimp Sorry, just saw this. Yes, you can use a WY LLC for a wholesaling or flipping business. I would just recommend that you qualify your WY LLC in the state in which you operate. Note that Incfile/Bizee will do this for you upon request. Best of luck! -- Chris Jackson
@TerenceDeBeer
8 ай бұрын
Why incfile vs zenbusinness vs legalzoom?
@cjlawvideos
8 ай бұрын
Hi. Thanks for your question. I've used Incfile for years for my own entities and my clients' entities. Compared to Zenbusiness, Incfile's fees are lower overall when you compare what you get in each package. And, Incfile charges you a one-time fee, while Zen charges you the same fee annually (it's a subscription service). Also, the fee for the registered agent is lower with Incfile, and it is free for the first year (which is not an option with Zen). I also like the customer interface in the portal and the customer service. Legal zoom is even more expensive than Zen (though it is a one-time fee, unlike Zen). There may be some pluses to Zen or Legalzoom, but in my view Incfile is the best overall option. Hope that helps! Best regards, Chris
@user-ue3tg6wx3b
9 ай бұрын
How the samples look like wyoming llc please share
@cjlawvideos
9 ай бұрын
Hi. I'm not quite sure what you mean by samples, so let me know and I'll share what I can. Thanks. Best regards, Chris
@user-ue3tg6wx3b
9 ай бұрын
@@cjlawvideos my mean Wyoming state sample organisation letter approved by secretary...
@juliezweifel2786
Жыл бұрын
You started this video for California, an then half way through, it switches to Wyoming???
@cjlawvideos
Жыл бұрын
Hi Julia. Ok, that’s strange. I have one for WY and one for CA. I just checked and this one is for WY only. Let me know if you’re still having problems. Thanks, and I’m sorry you experienced that! Best regards, Chris
@juliezweifel2786
Жыл бұрын
@@cjlawvideos sorry, my apologies. I don’t know how it got switched, but I must’ve hit pause and then when I started it again, it switched over to your Wyoming video. I went back and found the entire California one. Thank you, very helpful..
@cjlawvideos
Жыл бұрын
@@juliezweifel2786 Ok, good. Glad it was helpful … thank you! Best regards, Chris
@carla2928
Жыл бұрын
Hi Chris, thank you for this excellent content! Keep it coming please! I have a few questions for you. I'm starting a single member LLC in Wyoming. I plan on using a Regus or Alliance virtual office address located in kansas when forming the Wyoming LLC with IncFile, but I will use IncFile as the registered agent. I assume I have to set up a foreign entity in Kansas to do business in Kansas right? Will a foreign entity in kansas maintain my anonymity? I'm forming a healthcare industry business and it is essential that I remain anonymous. Last, does forming my LLC in Wyoming instead of my home state in Kansas make it difficult to obtain business credit? Thanks!
@cjlawvideos
Жыл бұрын
Hi Carla. Thank you for your kind words. I appreciate them. Regarding your questions, here are my comments (please note that I cannot give legal advice unless retained as your attorney, so please consult a Kansas attorney or CPA): 1. If you are "doing business" in Kansas, you have two options. First, you can register your WY LLC in Kansas as a foreign LLC (out of state LLC) doing business in Kansas. Second, you can have your WY LLC as the sole member of a newly formed Kansas LLC. There are slightly higher fees with the second option, but depending upon the type of business you have, it may be worth if for liability purposes. 2. Whether you are "doing business" in Kansas (which requires one of the two options above) depends upon Kansas law, on which I cannot give advice. However, I found this article which may help: www.nolo.com/legal-encyclopedia/how-qualify-foreign-business-kansas.html. You can also consult a Kansas attorney and/or CPA for this question. 3. For anonymity purposes, I believe that foreign LLCs (e.g., WY LLC) are not required to list the members on the annual report. So, this should help you retain anonymity, but please confirm this as I'm not a Kansas attorney. If you choose to have a subsidiary Kansas LLC, then you will list the WY LLC as the member. Good luck to you, and thanks for watching my videos! Best regards, Chris
@carla2928
Жыл бұрын
@@cjlawvideos Thank you!
@cjlawvideos
Жыл бұрын
@@carla2928 You are welcome. I wish you all the best!
@amena4165
9 ай бұрын
Hi Chris, great channel! Thank you for all the useful info! Question. I resisted single manager LLC In WY, my home state is CA. To open a bank account they are requiring me to register in my home state. I don't want to file another LLC In my home state because I'm a start up. Do I need to register in CA as a foreign entity or it depends on a bank? Or what does that do to my WY anonimity (registering my home address as the banks require)?
@cjlawvideos
9 ай бұрын
Thank you for your comment. I appreciate it. Good questions. First, you should not have to qualify your WY LLC in CA before opening a bank account. Some bankers are lazy and don't know what to do other than look at the CA Secretary of State's website to confirm that your LLC exists. Ask to speak with a manager, or you may want try a different bank. Or, just open it in Wyoming with a bank that's also in CA (e.g., Bank of America, as Incfile has a relationship with them). Second, to the extent you are doing business in CA or paying yourself wages, you may need to eventually qualify your LLC to do business in CA. When you do that, you can try to limit what information you provide them (e.g., the name of the Manager, who is not necessarily the member/owner). In California, the definition of doing business is somewhat vague: ("entering into repeated and successive transactions of its business in [the] state, other than interstate or foreign commerce"). California also lists some exceptions of what will NOT be considered doing business in CA. Also the Franchise Tax Board in CA uses dollar figures to determine whether the company is "doing business" in CA (Sales in California: the lesser of $610,395 and 25% of the entity’s total sales; Property in California: the lesser of $61,040 and 25% of the entity’s total real and tangible property; or Payroll in California: the lesser of $61,040 and 25% of the total compensation paid). The primary penalty for not qualifying in a state is usually that you cannot sue someone in that state. With that said, I cannot give you legal advice without being retained. So, you should probably confirm with your local CPA or attorney to be sure. I hope this helps, and best of luck! Best regards, Chris
@bq1394
6 ай бұрын
Ok what about the taxes?
@cjlawvideos
6 ай бұрын
Hi. Thank you for watching my video and for your question. I cannot give tax advice, but the LLC service provider I recommend in this video includes a tax consultation with the Gold or Platinum packages. Generally speaking, please note the following: 1. Wyoming does not have state income taxes. 2. Your income tax liability will depend upon a number of factors, including how your LLC elects to be taxed, from what state(s) your LLC derives its revenue, the state in which you live, and of course the extent to which your LLC is profitable. Hope this helps! Best regards, Chris
@alexg6702
Жыл бұрын
Hi Chris, are there any limitations for a foreigner setting up a Wyoming LLC with a bank account to primarily invest in overseas real estate assets that generates rental income. Are there any limitations for for than one member/director who are non-resident outside the US? Does Incfile guide you through the process, including setting up EIN, bank account and other filing or is this a service that some like yourself or a CPA provides? Thank you
@cjlawvideos
Жыл бұрын
Hi Alex. A foreigner can certainly set up a Wyoming LLC and open a bank account for that LLC. To do that, the WY LLC will need to obtain an EIN, and I'm 99.99% sure Incfile will obtain that for you when you answer their EIN question about whether you are a non-US person. They also have a relationship with Bank of America for setting up bank accounts, but you may want to check with their customer service to confirm whether Incfile will help a foreign-owned LLC open a bank account. That shouldn't be a problem, but please let me know how it goes if you could! Best regards, Chris Jackson
@alexg6702
Жыл бұрын
Many thanks Chris, very useful information. I will indeed get back to you regarding the Incfile bank account opening question and to find out about your services.
@cjlawvideos
Жыл бұрын
Thanks Alex. I look forward to hearing back, and you've given me a good idea for an upcoming video. Best regards, Chris
@charlesosbun9381
10 ай бұрын
Wyoming! That’s JUST what I need!🤮
@cjlawvideos
10 ай бұрын
I'm guessing by the emoji you are being sarcastic, but note that Wyoming is one of the best states for your LLC for asset protection and other purposes per my video on Best States for Your LLC: kzitem.info/news/bejne/spedn6qip6JkZ20. Also, note that I have tutorials on DE, TX, FL and CA at this time. Let me know what state would be best for you, and I'll let you know if it's in the pipeline. With that said, for most states the process is the same as with WY. Best regards, Chris
@charlessoukup1111
10 ай бұрын
Moreover, WHY start an LLC in Wyoming??
@cjlawvideos
10 ай бұрын
Hi Charles. Thanks for watching my video and for your question. I like WY for many of my clients because it is one of the best states for asset protection (both protecting personal assets from the LLC's liability and protecting LLC assets from the owner's/member's personal liability). And, WY is a great asset protection state for single-member LLCs compared to most other states. I also like it because it is one of 4 states where the members can be anonymous (if that's important). Lastly, it has low fees and zero taxes. The WY LLC can qualify to do business in the state(s) in which one is doing business, so you don't need to reside or operate in WY to get the benefits of a WY LLC. If you want more details, I made the following video about Best States for Forming an LLC: kzitem.info/news/bejne/spedn6qip6JkZ20. Let me know if you have any other questions. Thank you,. Best regards, Chris
@abheeroberai3611
3 ай бұрын
hi i just open a wyoming llc can you help me find my regirtration number
@cjlawvideos
3 ай бұрын
Hi. Thanks for watching and for your question. If you formed it through Bizee, once it is actually filed in WY (next day with expedited option, or within 1-2 weeks if not), then you can find it there. Alternatively, you can do a name search for your LLC in WY and get the registration number there (once the filing is accepted) ... here is the link for such search: wyobiz.wyo.gov/Business/FilingSearch.aspx. Hope this helps, but if not please let me know. Thanks! Best regards, Chris
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