Hello there everyone,
Now lets see I wanted to create an LLC for multiple reason and I needed to be clear on some of those reasons! The following thread is going to be me asking questions pertaining to an LLC and the state that I reside in! They will also be in regards to what I can and can't do as far as the moves I decide to do that benefit myself! Thank you for your time and I enjoy all that read my thread....
1. I have heard that the two most profitable states to establish an LLC would be in Delawear or Nevada, What would the reasons be for that?
2. I have also heard that if I live in California and my LLC is in Nevada I still have to pay state taxes for California, is this true?
3. Is there a way to set it up so that I get taxed pertaining to whichever state that I decide to establish my LLC and not California, and is this even legal to do so?
4. What would happen if my LLC holds assets and the LLC is not up to date with all of its filings, if the LLC is suspended what happens to the assets that reside in the LLC?
5. If there is a certain amount of money in the LLC and Tax season comes around what would happen, would I have to file taxes for the LLC or can I just do it through my own taxes? If so what would be the case if I issue a certain amount of money each month to myself, would I have to file taxes twice.... once for the amount that was issued to me in total and again for the amount that was made and not distributed by my LLC? And what would happen if I issue all the money the LLC made to myself, would I just have to file taxes on the amount that was issued to me and not have to worry about double taxation?
6. When attaining property for my LLC do I have to write a check from the LLC to myself to purchase the property first? So that I may turn over the title to my LLC after or can I just purchase the property for my LLC right off the bat?
7. If I decide to gift a property to an idividual what would happen? Do I have to write the check to myself first then purchase the property for said individual? Can I purchase the property for said individual right off the bat from the LLC? Is it a tax right off for my LLC? Does the said individual have to pay taxes on the amount of purchase of the property? if so how much is the tax rate? And in order to avoid the taxation to the said individual can I write the check to myself and then buy the proeprty for said individual and worry about taxes later? If I gifted over a purchase for an orginization would they have to pay taxes on the purchase amount if the orginization is a non-profit orginization?
8. What would happen if I got sued and all my assets resided in my LLC, would my assets be liable? What happens if someone trys to sue my LLC, would my assets be liable that reside in the LLC?
9. Is there an extension for the amount of years an LLC can be in place in the sate of California?
10. If my LLC purchase a property with a good cap rate what would happen to the money that was first made? Lets say I made $10 Million and I was suppose to get taxed 48% but I purchased a shopping center for $10 Million for my LLC. Would I still have to pay $4.8 Million in taxes or would I only have to pay taxes of the residual income made by the cap rate of the property itself? In that case would I have to make up for taxes when said property is sold by my LLC?
Thank you all for your time and the thoughtfulness for reading my thread, I hope i will be well informed very soon! Have a wonderful Biggerpockets day!!
