All Forum Posts by: Scott Carrillo

@Eamonn McElroy

It's not that I think they are right, I'm just posting what they said.  It's good to know there are people like you around these forums to point people like me in the right direction.  Thanks for all your advice and guidance with my questions.

@Katie L.

I think you are right!

@Basit Siddiqi

Thanks for the feedback

@Eamonn McElroy

@Katie L.

Thanks for your replies,

I asked Anderson Advisors if I would need to pay the $800 California LLC tax and here is there response:

"In the State of California, there are franchise taxes that have to be paid every year. These fees have to be paid if you do business within the state. You don't have to worry about that because you don't have any entities there. Are you thinking about forming an entity in California?"

They make it seem as though I don't have to pay it unless I formed the entity in California, this seems contradictory to what I have heard here.  Who is right? 

@Brandon Hall

@Eamonn McElroy

@Basit Siddiqi

Hey just thought I would thank everyone for their responses. Just to add I live in California but the LLC partnership was formed in Wyoming through Anderson Advisors.

I asked Anderson Advisors and here is what they said:

"That is a great question that you are asking about your LLC. Your LLC was formed in Wyoming. You are right about it not being in California. Even though it is a Partnership, you still need to file something on record with the IRS. If there hasn't been any activity, you still need to report that so that you do not receive any penalties. I know that the Partnerships are for renovations, you still need to put on your taxes any work that you have done and the expenses. Here at Anderson Business Advisors, we charge $500 as a base fee for the taxes."

I have heard of people that live in California form LLC's in California complain about an $800 fee the state charges, since my LLC was formed in Wyoming I would be avoiding this fee correct?

I am still confused a bit, do I need to file anything for the LLC?

I am looking to save money but not do something that may bite me in the long run.

Formed a 3-way LLC partnership in 2018 but no business was conducted. How much should it cost to file and does each partner need to file separately? I received a quote for $600 and this seems outrageous. Also, does anyone have any bay area CPA referrals?

@Jhordan Tutop

Hit up Uncle Credit Union in Pleasanton and lock in a low 2.75% interest rate for the 1st year on a Heloc, after the 1st year it goes to prime.  Best deal I have found in the Bay Area.

@Ken Yeung I would definetly look at what rental rates are for your home, make sure you compare apples to apples if it is a 3/1 or 3/2 etc.  You can check rentjungle.com or rentometer.com for rental rates.  Knowing your rehab budget is key, make sure you have a property manager you can trust and leverage his or her contacts. Maybe they know a contractor that can help you.  Building your team is step one.