[ Offshore Tax ] Choosing Wisely What is the Best State to Start a Company in the US?
Start Your LLC Where You Are
Your home state, (i.e., the state where you’re residing,) will most likely be the best place to form your LLC. Why is this so? Forming your LLC in your home state is usually the simplest, most cost-effective way to start your LLC, despite all appearances to the contrary.
Exceptions to the Rule of Thumb
As with everything in life, and especially where legal rules and regulations are involved, there are exceptions to this rule of thumb. Here are some of them:
Operating Business in Another State: If you live in one state but operate your business solely in another, you might be better off forming your LLC in the state in which you operate your business. Note, however, that if you work on your business while you’re in your home state, you’ll likely be considered to be operating your business in your home state as well. In this case, you’ll probably want to follow the general rule of thumb.
Investing in Real Estate: If your LLC’s business is investing in real estate, your LLC will be operating its business in the state where it’s invested in real estate. That’s where you’ll be renting out your property or selling it for gain. In this case, it’s likely better for you to start your LLC in the state in which your LLC will be investing in real estate.
Non-U.S. Residents: If you’re a non-U.S. resident, you don’t actually reside in the United States, so you don’t have a home state. This rule of thumb won’t apply to you. Your nonresident status may mean you’ll attract nonresident taxes, so you should consult with a tax professional before forming your LLC.
TIMESTAMPS:
0:00 INTRO
0:30 Legal framework in Delaware
1:10 Structure operating business in Portugal
2:00 Substance and form of transaction
2:55 outro
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