Wyoming VS New Mexico LLC What is better?

[Spinat]

That would say that only if you are a non US resident the entire setup make sense in New Mexico and other states like Wyoming, is that how we have to understand all of this?

 

[sonato]

I have however a few NM LLC for some operating entities that don't have asset.
The main purpose of my WY LLC is asset protection and estate planning.

Could we dive a little deeper into it please?

If I understand you right it would make good sense to setup a Wyoming LLC let's name it a holding company and below the umbrella setup New Mexico LLC's - in that way we would have anonymity and a good way of asset protection or is there something I'm not aware of please?

 

[Patrick846]

Could we dive a little deeper into it please?

If I understand you right it would make good sense to setup a Wyoming LLC let's name it a holding company and below the umbrella setup New Mexico LLC's - in that way we would have anonymity and a good way of asset protection or is there something I'm not aware of please?

You could, but if you need multiple LLC, then go directly with a WY series LLC. You pay one price but have as many child LLC as you want under the parent LLC.

In my case I have some NM LLC that are independent and not attached to the WY LLC. They are just anonymity shell for some registrations;

The WY holding is the one owning most my assets. Some directly (non dangerous asset like brokerage account) or some indirectly through another local LLC owned by the WY LLC (real estate, some placements, etc...)

 

[erni]

@Patrick846 do you live in the USA? I wonder how and where you set this brokerage account up ?

 

[sonato]

What would be the tax burden of New Mexico LLC if you're non-resident, non-American foreigner living in overseas?
Income would be generated from an American company in another state.

can someone explain this please? I thought it was not taxed and you avoid any reporting but that looks like it is not the case.

 

[boomy]

can someone explain this please? I thought it was not taxed and you avoid any reporting but that looks like it is not the case.

Would like to know how we can avoid to be taxes with setting up a company in New Mexico?

 

[erni]

sad the guy never came back to explain

 

[Patrick846]

can someone explain this please? I thought it was not taxed and you avoid any reporting but that looks like it is not the case.

WY and NM don't have STATE tax reporting for LLC that own assets out of WY and NM.
If your US disregarderd entity has non US income, you may still have to report them. You may not have to pay taxes on them if none of your income is connected to a US trade or business, but there is reporting at the FEDERAL level of what your US entity owns worldwide, including the dreaded FACTA compliance.

If the LLC is more than 25% foreign owned, it has to file form 5472 if there have been any “reportable transactions” during the previous tax year (Formation and dissolution filings are considered to be reportable transactions). Not filing this form will trigger a $25,000 fine.

The main question will be for your CPA to rule if your income is or is not connected to a US trade or business for the purpose of US tax assessment.
Also, disregarded entity means that all the income are passing through to the owner and has to be reported on the owner tax return directly.

If your entity is not disregarded for tax purposes, it will have to file and pay FEDERAL US taxes in all case.

 

[burden]

I have been using NEW MEXICO REGISTERED AGENT | $35 A YEAR but most of them are part of the same nationwide network of registered agent.

Do you still have our company with them.

Can I ask you if you have found an accounting firm to help you with the compliancy for your company? I mean to pay tax and vat on time and file reports which may be required.

I strongly consider to setup a New Mexico company myself, but have a few things to clear before I move on.

 

[Patrick846]

Do you still have our company with them.

Can I ask you if you have found an accounting firm to help you with the compliancy for your company? I mean to pay tax and vat on time and file reports which may be required.

I strongly consider to setup a New Mexico company myself, but have a few things to clear before I move on.

Yes, I still have them as my registered agent.

For taxes, any US CPA should be able to do that for you. You can even do it yourself with some tax software. We don't have VAT in the US.

If you are looking for full service company that will create, maintain and do bookkeeping and tax return for your LLC, there are a few law firms out there that can help you. They are not cheap but do a great job.

 

[burden]

can you suggest one or two of these law firms please?

Any estimated costs ro maintain a New Mexico or Wyoming LLC as foreigner will full service?

 

[Patrick846]

I can think of two:
https://andersonadvisors.com/https://kkoslawyers.com
there are probably a few more

 

[burden]

but do you used these firms or you simply found them on Google, I would like to lean about some that has reputation and that may have been used by some forum mebers if possible.

 

[Patrick846]

but do you used these firms or you simply found them on Google, I would like to lean about some that has reputation and that may have been used by some forum mebers if possible.

These two firms have very good reputation. I have not used them for corporate maintenance as I do it myself
I have used Anderson Advisers for asset protection to draft operating agreement and review some of my contracts.
They both also have Youtube channels with plenty of good tax and legal advice.

 

[burden]

I will try to contact

https://kkoslawyers.com

 

[Piano]

I've also been used the agent that Patrick846 mentioned - they are good and like he said they are fairly minimal in terms of what they actually do for you. I've used WYOMING REGISTERED AGENT - $25 A YEAR TOTAL for Wyoming and I believe they're part of the same network as the New Mexico one. But basically go for the cheapest one you can find because they barely do anything for you.

I have not found any cheaper one...

 

[Piano]

I can think of two:
https://andersonadvisors.com/https://kkoslawyers.com
there are probably a few more

If you know a few more, let us know...

 

[boomy]

Is there a "total service provider" one that do bookeeping, registration and submitting any tax forms required. The costs is not the question.

 

[AMD]

Is there a "total service provider" one that do bookeeping, registration and submitting any tax forms required. The costs is not the question.

second that, I would like someone to help me with the setup of a New Mexico company, I need the setup, virtual office and all the accounting stuff done.

To stay compliant with my local tax office accounting for the NM company is necessary and unavoidable.

 

[EliasIT]

If someone find a solution for New Mexico I'm all game, let me know ready to move fast.