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Thread: CPA/Lawyer Recommendations

  1. #1
    Veteran Member SweetPinkCupcake's Avatar
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    Default CPA/Lawyer Recommendations

    Hi,

    It's getting to be the time that I really need to set myself up as a legitimate business. I want an LLC that is treated as an S-Corp in the state of Wyoming. I live in Southern California.

    I want somebody that is adult friendly. I want to be truthful with them so they can give me the best financial advice and tax benefits...If anybody would be able to recommend or PM me a reputable CPA or lawyer, I would be forever grateful!

    xxx

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    Default Re: CPA/Lawyer Recommendations

    How would you know if someone is adult friendly? Wouldn't they just be an asshole if they were rude about your business being adult?

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    God/dess Zofia's Avatar
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    Default Re: CPA/Lawyer Recommendations

    Quote Originally Posted by SweetPinkCupcake View Post
    Hi,

    It's getting to be the time that I really need to set myself up as a legitimate business. I want an LLC that is treated as an S-Corp in the state of Wyoming. I live in Southern California.

    I want somebody that is adult friendly. I want to be truthful with them so they can give me the best financial advice and tax benefits...If anybody would be able to recommend or PM me a reputable CPA or lawyer, I would be forever grateful!

    xxx
    LLC or S-corp. You can't have it both ways. Your lawyer can walk you through the benefits and detriments of either. Most business form as LLCs today. But, sometimes it is better to be a corporation.

    Why incorporate in Wyoming? You will still pay California's taxes and you'll have to pay Wyoming's LLC or corporation fee. You will have to pay California to register a foreign corporation as well. The California Franchise Tax Board has seen every tax plan ever to avoid California taxes. None of them work, other than moving out of California and staying out. I've written it here before, but I'll write it again, live in California because it pays you very very well to live and work in California. Otherwise live somewhere else.

    HTH
    Z

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    Featured Member ava$'s Avatar
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    Default Re: CPA/Lawyer Recommendations

    ^^Yea, I was gonna say, I didnt think these two went together, you can however, do a limited partnership with the general partner set up as an s corp, this gives u asset protection and tax benefits. With the limited partnership you dont have to pay income tax but with an LLC you do.

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    Banned Melonie's Avatar
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    Default Re: CPA/Lawyer Recommendations

    Agreed that the Cal FTB are like 'bloodhounds' in their relentless search for tax revenues from California residents. Cal's 'business nexus' laws make it extremely difficult to effectively shield income via 'out of state' entities if you are actually residing in Cal, even if the actual income source isn't physically located in Cal.

    also agreed that a LLP / out of state S-Corp structure is somewhat effective in this regard. But you need to be earning enough money in the first place to make the associated 'maintenance costs' worthwhile via actual tax savings. And the out of state S-Corp also needs to be organized in a state which will NOT voluntarily share corporation ownership details with the Cal FTB !

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