New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
Thank you again for answering my earlier questions. As a result, I have 2 additional questions:
1. Is it advantageous to have an LLC with multiple members rather than a disregarded entity with a sole member. Which is better?
2. in the state of Wyoming where the business is subject to federal taxes how does one work that out or set it up since it is an online internet business with no physical assets in the state and where clients are from all around the world.
What would you do / advise? I understand that this is in no way a legally binding advice etc I just need some guidance. Thanks
1) In most states, having multiple members offers your company a stronger ‘corporate veil’, or in other words better liability protection.
2) Incorporating a business in Wyoming indeed has many benefits. One of which being their lenient approach to taxing assets located out of the state, or in this case not taxing out-of-state assets. You will have to file an Annual Report every year for your company, which the Secretary of State will send you every year anniversary from the company’s date of formation. (In Wyoming the state charge is $50 to file the Annual Report).
Please keep in mind you will need to maintain a Registered Agent service every year to avoid penalties and keep your business in a good standing condition. Complete with an Apostille (assuming your home country was a signed participant of the Hague Convention) you can operate your Wyoming LLC from your home country, regardless where your clients are located.
I hope you were able to find this answer helpful.
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