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Bank Account for Wyoming LLC

Asked by: Barbara  — 21 March, 2011

will I get the benefit of no state taxes if I open an LLC in Wyoming and deposit money in a bank acct. under same Wyoming LLC or do I have to physicaly have a bank acct. in Wyoming
How much business do I have to do in Wyoming?

Answered by: admin  — 21 March, 2011

Dear Barbara,

This is the type of question that you need to ask of your accountant. But generally, businesses pay state taxes on the income gained from business activity on that particular state. So, if you do business in Wyoming, there should be no state tax on the income gained from that business. However, if your Wyoming company does business, for example, in California, it will have to pay the high California state taxes on the profits from that activity. A bank account has little to do with it .

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