Corporate Law LLC Wyoming question

[bobthebear]

I have been told that the Wyoming laws are some of the best in terms of asset protection and for an LLC entity. My home state is Florida. Both states are income tax free of course. If I set up an LLC in Wyoming and remain in FL does it matter if my business checking acct has an FL address? Do I need to go the extra length to create a business checking account in Wyoming instead?

One LLC is for a brokerage account and the other for a home based business that is performed strictly by phone, email, and the internet no brick and mortar whatsoever. If I set both to be Wyoming LLC's and move to a state that has income tax, would I be doing anything wrong by avoiding paying the state income taxes as long as my entire income derived from an internet based business? Thank you in advance.

My other conflict is that attorneys that specialize in setting up LLC's make it sound like rocket science and they tend to charge $1500 +. I am not comfortable setting it up on my own, but what am I giving up by using one of the online companies that do this for a living and only charge $300 to $400 or so? I know I need an LLC and I know I would like it to be in Wyoming, other than that is it really that complicated?

 

[Michael Wechsler]

Did anyone give you actual legal advice on this? Incorporating in one state and running a business in another state does not mean that your Florida based company adheres strictly to Wyoming law just because it was incorporated in Wyoming and you can avoid state taxes in any state. Setting up a checking account in Wyoming doesn't preclude you from paying taxes alone either. Think of it this way -- don't you think every company would have its headquarters and operations in a preferable state, enjoy the benefits of that state but not pay taxes for those benefits by the mere action of incorporating in Wyoming? With regard to asset protection, you also have to understand against whom that asset protection works -- versus other investors and versus outside creditors. There is a difference between the two.

Setting up an LLC is simple and you can do so in any state. Many companies do it for less and just take care of formalities for you, print the book and typical documents you'll need. The attorneys costs are usually for advice in setting up your company and should provide far more than just the formalities that online companies provide for a few hundred dollars.