Q for CPA - LLC in formed in LA, Owns assets in other states...

[Jeff V.]

Question for a CPA, Lets say I have an LLC in Louisiana that owns performing/non-performing notes in other states.

Is the income from those notes subject to Louisiana State Taxes, or the state in which the note was originated, or where the collateral is?

Is it generally okay to have one entity investing in notes from multiple states?  I'm pretty sure I'll have to register the entity in the remote state as a foreign entity the year I start doing business in that state.

Perhaps an example is in order to clarify.. I have an LLC in Louisiana, but hold a note in TX that gave me 7k in profit this year. Is TX going to want some tax money for the 7k in profit or is LA, looking for that tax money on the 7k? I realize most taxes will be paid to Fed, but curious how to handle the state side of things. For example, will I need to hold an escrow of sorts for taxes on revenues made in each state, or only for the state where my entity is formed?

I hope I've been clear on my question, simple question but hard to explain what I'm asking...

[Robere Istatia]

Texas won't charge you a franchise tax unless you pass their yearly threshold but 7k in this example wouldn't pass the threshold. For LA they want you to report all of your income to be applied towards state income tax calculations and back out the amount you've paid in taxes due to other states.