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Corporation tax for out of state LLC?

Asked by: Matt - 24 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 I live in IL. If I create an LLC in Wyoming. Would I have to pay IL corporation tax?
Answered by: Robert Kowalski - 26 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/35.jpg-687fc92d5f6c5febcbdccb6895b08b8c Matt,

LLC does not pay corporate tax, unless it is elected to be taxed as C-Corporation (a rare case, statistically speaking), as it is a pass through entity.

What it means is this: whenever your LLC makes profit, this profit is distributed to you, and you pay the income tax on it (IL and federal).

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