Forming Out of State LLC
- Thread starter RedSun
- Start date
I just filed the paperwork to form an LLC the other day for a business a partner and I are opening, we went through the same debate you are regarding where would be best to open it as we both live in different states and Delaware is well known as a good state to file in. We chose to just do my home state though, it was much easier that way. I used legalzoom and it took like 15 minutes, it was super easy.
I manage a trading LLC taxed as a partnership form 1065 where the LLC is manager managed.
the ops agreement language is similar to that found in a 1 and 20 hedge fund.
the majority owners at LLC formation are under 18.
the manager is a minority owner.
what are success factors to consider when opening a futures or FX account?
how much information are brokers allowed to request as they want to "know the customer"?
what futures and FX operations tend to roll well with this kind of setup?
are CPO exemptions necessary/appropriate?
the ops agreement language is similar to that found in a 1 and 20 hedge fund.
the majority owners at LLC formation are under 18.
the manager is a minority owner.
what are success factors to consider when opening a futures or FX account?
how much information are brokers allowed to request as they want to "know the customer"?
what futures and FX operations tend to roll well with this kind of setup?
are CPO exemptions necessary/appropriate?
Texas taxes anything business related. A tax exempt entity would be the alternative, however, given the need for tax revenue, the approval process for tax exempt status appears backlogged. I cannot understand why.
This seems like a good spot to hijack this thread into a general US traders' based chit chat tax ideas. I'll start:
New Jersey is the worst place to trade in the country.
You are not allowed to offset losing years from winning years in paying 8.97% state tax.
You are not allowed to deduct your highest in the nation property taxes off income/capital gains.
If you die and want to leave money to people you are hit with the lowest estate tax deduction (675k then taxed up to 16% and then the people you give to are hit with an inheritance tax on top of that.
I would be on the first flight to fl, tx nv, wy if my wife would let us. In fact I might anyway...
A rough back of the envelop calculation: for a trader who earns 25% average yearly returns... after a 40 year career trading in NJ you would take $100k to 38mil. If you lived in FL you would take $100k to $145 mil.
I'm not sure I need advice because the only sensible advice is not to trade here. I'm wondering what others' experiences are. anyone have anything to share. anyone moved from no tax states to NJ or vice versa. What are your thoughts...?
New Jersey is the worst place to trade in the country.
You are not allowed to offset losing years from winning years in paying 8.97% state tax.
You are not allowed to deduct your highest in the nation property taxes off income/capital gains.
If you die and want to leave money to people you are hit with the lowest estate tax deduction (675k then taxed up to 16% and then the people you give to are hit with an inheritance tax on top of that.
I would be on the first flight to fl, tx nv, wy if my wife would let us. In fact I might anyway...
A rough back of the envelop calculation: for a trader who earns 25% average yearly returns... after a 40 year career trading in NJ you would take $100k to 38mil. If you lived in FL you would take $100k to $145 mil.
I'm not sure I need advice because the only sensible advice is not to trade here. I'm wondering what others' experiences are. anyone have anything to share. anyone moved from no tax states to NJ or vice versa. What are your thoughts...?
Now if someone dies in NJ and is buried in Texas dirt, does Texas Estate Law Apply? Yeah. Bad Approach, I know.
Does the entity location mean more than were you are physically located?
Does the money need to stay in these locations?
Is Liechtenstein, and Luxembourg a great place to travel?
are there any remote islands with a four seasons resort?
what is your favorite charity?
Does the entity location mean more than were you are physically located?
Does the money need to stay in these locations?
Is Liechtenstein, and Luxembourg a great place to travel?
are there any remote islands with a four seasons resort?
what is your favorite charity?
It depends what state they're a resident of not where they die or are buried. If they're a NJ resident they pay NJ estate tax. If the person they're giving it to is a NJ resident, that person pays NJ inheritance tax AFTER the estate tax has been paid.
The best scenario would be for the person who died to be a resident of a state that doesn't tax estates but taxes inheritances and the person who received it lives in a state that taxes estates but not inheritances. ie grandpa lives in Pennsylvania, leaves it to grandson who lives in NY.
As far as entities I really don't know that much about because I've never been one - only been a personal investor. Don't know much about the international angle either except that you need to be a resident there AND not have a US citizenship anymore to take advantage of foreign tax havens.
Favorite charity would be anything going to cancer research.