Can You Have a Wyoming LLC If You Live In California?

In this video, we tackle the burning question: Can you really have a Wyoming LLC if you live in California? We cut through the confusion and break down two key points:
The general rules for forming out-of-state LLCs
Why California is a special case and what that means for you
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[@InspiredByEbonyLove]

California’s $800 annual fee is such a REPELLANT! Especially for an online business that sells digital products. California isn’t business friendly. 😖

[@businessanywhere]

100% agreed

[@WallStreetIceCream]

Live in California. I wanna buy real estate in another state. Should I form an LLC? Should I form in the state I end up buying ? How about WY? I heard that's a good state to form i really don't wanna pay $800 annual fee TO CALIFORNIA. I also wanna use the LLC to apply for business lines of credit.

[@businessanywhere]

You can use a Wyoming LLC to buy property in another state. No problem.

[@WallStreetIceCream]

@@businessanywhere would I still owe California anything ?

[@businessanywhere]

You would owe income tax.

[@maheshjaju9012]

@@businessanywhere If I form an holding company LLC in Wyoming and an operating company in the other state where I want to purchase the real estate, would I still be required to register my LLC in California if I live in California? Is there a way to avoid paying the 800$ annual fees?

[@InspiredByEbonyLove]

So if in in Cali and have a sole member LLC, file/register in Wyoming for privacy, will I still have to pay that ridiculous $800 state franchise fee for California?

[@businessanywhere]

Yes

[@InspiredByEbonyLove]

@@businessanywhere Uggh! No wonder people leave

[@thisisnotjay]

Would the same fees apply if I'm a digital nomad? Example: CA resident with WY LLC, but I operate and live outside the country.

[@businessanywhere]

If you are still a CA resident then yes they would. But much better to change state of residency before living abroad.

[@72capital53]

Thank you for your reply in advance. So If I live in CA ,not generating income yet but want to set up an LLC to operate from home for my online service business. Is it tax favorable to set it up in CA and pay the franchise fees, registered agent, and virtual address fees to get business credit? Can I get a holding ( LLC elected to be taxed as S Corp) in Wyoming first and then set up and put my CA LLC under the Holding Wyoming LLC umbrella? Or does not make any sense?

[@businessanywhere]

That's didn't really make sense because your income would follow from the holdco and then it would need to be registered in CA

[@Diagonalforward79]

UGH! Of course California would be the 1 state that would make things difficult for business owners. They want their cut of the pie no matter what!

[@businessanywhere]

CA is literally the only state that makes it so difficult.