Understanding how I'm taxed

[Armand P.]

Hello BP!

It's been a few months since I've posted on here, but I am happy to share that after years of analysis and paralysis I finally took a huge leap into R.E! My old colleague and I started an LLC in Vegas NV where we buy distressed homes, fix it up, and sell them. The partnership is split 50/50, however, my business partner lives in Vegas and is in controls the day to day activities. I live and work full-time in California as a (W-2) wage earner. We set up our business entity through NCH in NV. I recently found out that since I live in California I am required to have a registered agent and pay the yearly dues of $800 even though I am not conducting business in California. Can someone please confirm if this is correct?

Additionally, are we subject to pay estimated taxes each quarter OR since the LLC will be structured as an S Corp would we get a K1 and report it as additional income on our individual tax returns?

Thank you!

Armand