New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I am interested in starting an LLC (online application development, all web based, no physical location) while I live in a high income tax state (NY) and my partner in another (CA). What options exist for us to minimize the amount of income tax paid with the pass through taxation option? Is it better to opt for a c-corp?
Kris,
As a fellow New Yorker, I completely understand your pain when it comes down to the high taxation here. But, in the end of the day, you can’t escape the personal income taxes levied by your state of residence.
I would definitely suggest consulting with a professional accountant to look into the possibility of registering a C-Corporation in the state like Wyoming, where there are no corporate income taxes issued by the state (Delaware has corporate income tax, but only on income produced in Delaware).
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