First of all, I did see other similar questions, but they are very generic. So, I would like to ask more specific about my case. I’m living in Illinois (IL resident). I’m going to registered my LLC with Wyoming state. Let’s say, my LLC will operate a news/report website. Some reports are free for everyone. Some contents are for paid membership. Member can pay to get more special news. My LLC don’t sell physical products (such as T-shirt). My LLC is purely content business. I don’t ship anything. I don’t meet anybody. I’m the only owner of the business. And, certainly, I’m going to update/design my website from my home in Illinois. (Note: my website server is not in IL. I remote connect to my server via Internet).
Question 1: In this case, do I have to register with Illinois as a foreign LLC ?
Question 2: Do I have to report my LLC income to Illinois ?
Question 3: Do I have to report my LLC income to Wyoming?
Question 4: What if I register LLC with Nevada, instead of Wyoming, do I have to report my LLC income to Nevada?
Thank you very much for your help…..
Allow me to break your questions down and answer them one by one:
1. It’s really a question of whether your LLC has physical presence in Illinois or not. One could argue that since you manage the company from your home in Illinois, hence maintaining an office in that state, you create a case of physical presence and need to register the LLC in IL.
However, this point is kind of murky, and if you take no systematic IL-related deductions for the office and other aspects of managing the LLC, then it could be argued that you don’t create enough connection to IL to require you to register the LLC there. I think the best advise on that point you would get from an IL-licensed attorney.
2. Since the LLC is a pass-through entity, the income of the business would just go directly to your personal income, where you will pay your income taxes to Illinois state as an IL resident.
3. Wyoming would actually have nothing to do with taxing your income, as the LLC is a pass-through entity, so you would not have to file any taxes with Wyoming state.
4. By registering an LLC in Nevada, the same pass-through concept would apply, where you wouldn’t have to file taxes with the state of Nevada. Keep in mind, unless you own a physical property or have a nexus in Nevada, it is a very expensive state to file in as you are required to obtain and annually renew a mandatory business license from the state, which not including other state fees costs $200 per year.
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