Setting Up an LLC

[Rhett P.]

I've tried google and BP but they haven't been my friend on this topic so I'll have to post here. 

I live in California and I'm starting to do flips all over the country. I want to set up an LLC with an S-corp for tax purposes. I hear Nevada and Wyoming are good places to set up LLCs because those states supposedly have no income taxes and they are good at hiding assets (if thats what you need to do).

Anyways, the best price I found for Wyoming is a site called https://www.incfile.com for about $149 total including state fee for a year. Legal zoom was twice as much. 

I'll probably just do my own EIN through the IRS website to save some money. 

Does this sound like a good way to go or are their other things to consider. My main use of the LLC is to get the corporate tax rates through the s-corp option, but I'm not even sure how to set that up under the LLC or under my taxes.

Once those are established I suppose its a good time to set up a business account with a bank. Is there anything else to do here?