Category Archives: taxes

The Best LLC is a Nevada, Delaware, or Wyoming LLC: Extra Protection for Your Corporation

Do you want extra protection for your business!  I would encourage you to think about putting an umbrella around your existing corporation.  And if you do….use a Nevada, Delaware, or Wyoming LLC.  There are several reasons you should consider doing this!  More than half of public and Fortune 500 companies are incorporated in Delaware, and Nevada offers attractive tax advantages.  Wyoming state fees are less than most other states. Wyoming has no business license fees or officer filing fees.

 

Why a Wyoming LLC?

  • No state taxes
  • Asset protection and limited liability
  • Members nor Managers are not listed with the state
  • Best asset protection laws
  • No citizenship requirements
  • Perpetual life
  • Transferability of ownership
  • Ability to build credit & raise capital
  • Number of owners is unlimited
  • Lower startup costs- with Registered Agents of Wyoming LLC, the cost of forming an LLC is affordable.

Why a Delaware LLC?

  • Delaware’s business law is one of the most flexible in the country.
  • The Delaware Court of Chancery focuses solely on business law and uses judges instead of juries.
  • For corporations, there is no state corporate income tax for companies that are formed in Delaware but do not transact business there (but there is a franchise tax).
  • Taxation requirements are often favorable to companies with complex capitalization structures and/or a large number of authorized shares of stock.
  • There is no personal income tax for non-residents.
  • Shareholders, directors and officers of a corporation or members or managers of an LLC don’t need to be Delaware residents.
  • Stock shares owned by persons outside Delaware are not subject to Delaware taxes

Why a Nevada LLC?

  • Nevada doesn’t tax corporate profits or LLC profits.
  • Nevada doesn’t tax corporate shares or LLC ownership. Some states (not many, mind you) tax individual shares in a company.
  • Nevada has no franchise tax.
  • Nevada has no personal income tax.
  • Nevada doesn’t have an Information Sharing Agreement with the IRS. (There’s no information to share, because there is no income tax department).
  • Shareholders in a Nevada corporation and owners in a Nevada LLC are not a matter of public record-shareholders can remain completely anonymous.
  • Officers and directors of a Nevada corporation can be protected from personal liability for lawful acts of the corporation.
  • Nevada corporations may purchase, hold, sell or transfer shares of its own stock.
  • Nevada corporations and LLCs may issue stock for capital, services, personal property, or real estate, including leases and options. The directors may determine the value of any of these transactions, and their decision is final.
  • The Nevada secretary of state’s office provides excellent customer service and excellent web support.

 

Forming-an-LLC-in-Flroida-9

So which is the best?  Well that is an answer that ultimately I would ask you to seek the advise of both your trusted Tax Accountant as well as a good Tax Attorney.  Never trust an accountant with a lawyer’s job, and never trust a lawyer with an accountant’s job.  They should direct you to help you with the exact needs of your business.

Each of these states have different policies, fees, and filing procedures.  This is why it is important for you to talk to your accountant and how this will best suit your needs.

Are you a Sole Proprietor?  If so You should get a corporation NOW…Read HERE!

Looking to turn your Liabilities into Assets?  Read HERE!

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A Sole Proprietorship is Killing Your Taxes

If you are getting paid on a 1099 or own your own business under the statutes of a sole proprietorship, you are killing yourself financially!  You are throwing away thousands of dollars to unnecessary taxes!  What are those unnecessary taxes…Social Security! If you have been living under a rock for the last 60 years, you might think that Social Security is a blessing to look forward to in the near future.   Let me tell you, it is not!

With that being said, why in the world are you letting your money go down the Ponzi scheme of the social security tax, when social security will not even be there when you become of full retirement age?  If you are currently self employed or using a 1099 to get paid to you as an individual, you are hurting yourself and you are hurting your retirement.  The reason, is that social security is taking about 15% out of your pay check.

You virtually will be working from January to May just to pay social security.  The rest of the year you will finally be making money!  Hip Hip Hooray, for making money!  Instead you could be using those same months to actually make retirement investments!  So you need to get rid of your social security taxes!  How you say?  By starting a corporation!

There are several types of corporations that you can get.  A C-corp, S-corp, LLC, LP, and various few others!  You should talk to your tax accountant to help establish which would be best suit your needs.  But for a couple hundred dollars, you could literally save yourself thousands of dollars in your very first year of being a corporation!  And if you can save that much money in your first year, imagine what you can save over your lifetime!

Once you have saved that money that you would have been throwing away to social security, reinvest it into something that will make you money!   That can be anything from real estate, mutual funds, stocks, bonds, currencies, or even network marketing.  Obviously the goal would be to make a passive income on whatever it is that you are investing in with your newly saved money.

One must understand the more a sole proprietor makes the higher the tax bracket that they are situated in.  If they are in a higher tax bracket, they are losing even more money to taxes.  This is why it is a great idea to form a corporation.  There are many tax breaks that you will get outside of social security and income tax.

Once your corporation is set up there are other various tax breaks that can also give you huge tax advantages, everything from renting your own car to your corporation to having your corporation rent your office space from you!  This goes on and on to the restaurants you go, to the utilities of your own home!  There are literally hundreds of tax advantages of starting your own corporation!  You can learn more about LLC from the book, “Limited Liability Companies for Dummies.

If you finally want to get ahead of the game financially and stop getting slammed with the huge social security tax, I would highly recommend you start a corporation.  This will change your life!  The rich only get richer, because they know how to handle money! How do they handle it.  Through corporations!

To start your own corporation by yourself I highly recommend MyCorporation.com.

Want more protection for your business and more awesome tax breaks?  CLICK HERE

 

Here are 5 Quick Tips to Plan for your Financial Future!  Click HERE
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