Is Wyoming LLC helpful when moving between states?

CrowCrow subscriber Posts: 2
edited May 2010 in Business Planning
I'm going to be forming one or more single-member LLCs soon. The businesses will not have physical locations. I will provide services via these businesses from wherever I live. I currently live in New Hampshire, but may move to another state in the not-too-distant future. Should I just form the LLCs in New Hampshire and then do one of the following if I move: * Register the NH LLC as a foreign corporation in the new state* Form a new LLC in the new state and dissolve the NH LLC* Form a new LLC in the new state and merge the NH LLC into itOr, would I be better off in the long run forming something like a Wyoming LLC now and just registering it as a foreign corporation in whatever state I end up in (initially, New Hampshire)?

Comments

  • CrowCrow subscriber Posts: 2
    Thanks for your reply.For instance, how long have these LLCs been in business, were you able to build a corporate credit rating, do any of these LLCs have assets or liabilities?I see what you're saying, there are a lot of factors to consider and it depends on the specific circumstances.At the moment the LLCs that I'm concerned with don't even exist, so they have not been in business at all. I'm trying to be proactive and figure out a good way to set things up to deal with future events, so it's good to hear about things I need to consider.I know there's a possibility that I'll move to a different state, so I'm trying to avoid making things harder for myself than necessary if and when that happens.Also, keep in mind that your New Hampshire LLC will still be required to have a physical location/registered agent in New HampshireRight, good point. I know that I'd have to have a registered agent in New Hampshire. Are you saying I would need some kind of presence in addition to that?Under this scenario you would also be required to file two annual tax returns, one NH return and another Any State return.Right, if that would end up being the case anyway, I wonder if I wouldn't be better off just creating something like a Wyoming LLC in the first place and foreign registering that in New Hampshire for now.If you have established corporate credit for your NH LLC it may be worthwhile to maintain this entity as you would otherwise start from scratch again.Ok, thanks, that's not really something I was aware of. I'm not sure how big of a factor that will be for me, but it's good to know about.If the NH LLC has assets or liabilities, merging it into another out-of-state entity will likely subject the new entity to tax liabilities. But gain, this will depend on your individual situation.Right...that's a bit hard to predict. I think the only assets the NH LLCs would have would be cash (I don't know if that counts since it would pass through to me) and intellectual property. The LLCs won't own real property.I'm not even too sure what might comprise the liabilities side of things -- debt and loans?If you are interested in discussing your individual situation in private, please send me a PM and I will try to give you a few additional pointers.Thank you very much. I would appreciate that. I figured I should post back here for now in case it makes sense to discuss it any more here for the benefit of anyone else who comes across this thread.
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