The Truth about Wyoming LLCs | Mark J Kohler | Tax & Legal Tip

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[@BerniyGuido]

"Your name doesn't pop up on public record in Wyoming for at least a year. At the one year mark, you have to disclose who the manager of the LLC is". That sentence alone kills it.

[@jwanders10]

I believe that may be old information . The video is dated. I don’t think you have to do that in Wyoming now based on the the various annual reports I have looked at recently. I don’t think that Wyoming asks for the manager , and I believe that you are anonymous as long as you hire someone else ( like a law firm), to file your annual report for you. Please look into this though because I’m not 100% certain.

[@helprehouseourvets6919]

@@jwanders10 Exactly 💯

[@teckneic]

The ricochet sound! 😂 This was extremely straight forward and easy to understand. Thanks! (from a guy that was one step away from being over sold)

[@nicoletadanlondon]

Amazing infos!!Thank you very much

[@TheSurgeonsRoadie]

Awesome insight. I know this is an older video, but I'm just starting my LLC and luckily, I'm a resident.

[@johndeneen980]

Always extremely helpful. Also bought the book and it was fantastic.

[@MarkJKohler]

Glad you find my stuff helpful! I'm always happy to help Mainstreet Businesses wherever possible. Thanks for checking out my book as well!

[@John-zh6ld]

Excellent job!

[@kstevenson3504]

Thanks for your videos. that is why i'm giving you my business!

[@passport_papii]

Thank you!

[@mrbinspire]

This is great thank you

[@MarkJKohler]

You are very welcome! Please subscribe and share with others! There is so much information I have/will cover!

[@JustinVelthoen]

Thanks Mark! I love your ability to take complex situations and make them really straight forward and easy to get! Your final example on how to use the WY LLC to protect geo-diversified assets is brilliant. Love it!

[@MarkJKohler]

THANK YOU!!!

[@dh4923]

Very good and informative, thanks for the skinny.

[@MarkJKohler]

Thanks so much for watching!

[@alliesteam9776]

Yes your info is great! Thanks!

[@alliesteamc3546]

Thank you! Can you go over what day to day and yearly duties to maintain a Wyoming LLC to use as a trustee of a Land Trust and other roles? From CPA accounting, tax compliance viewpoints, thanks so much! Great value!

[@israelvicente6323]

Very good information. Thank you very much.

[@pololgc1]

Yes, it was very helpful. Thank you for that real valuable information.

[@AliTarafdar]

Thank you Mark. Solid content

[@MarkJKohler]

Thank you!

[@glibaudio]

Thanks

[@koaelmorz7073]

Great video

[@ocmetals4675]

That was great info!

[@MarkJKohler]

Thanks so much for watching!

[@legallydiy-trademarks]

This is very educative! I’m just curious if the WY COP would apply to out of state investors. The court would have jurisdiction in a debtors home state so they should still be able to tell them to turn over WY LLC assets defeating the COP

[@timberlaketri111ionaire2]

Great information

[@loftsatsympaticodotc]

Thank YOU Mark. I have viewed 100s maybe 1000s of KZbins. As an about to be owner for a rental industrial property in another state, I found your video most helpful AND very well presented, clear with good diction and style. You could even be a lawyer... 😁 Big thumbs up!

[@williamprice466]

Excellent Mark

[@MarkJKohler]

Thanks so much for watching!

[@John-zh6ld]

Super job Mark.

[@MarkJKohler]

Thank you!

[@daveyedgar]

Thanks :)

[@johndaniels4954]

Hi. Really good information, When starting out and you grow over time with rental property in multiple states, how hard and expensive is it to retrofit the individual state LLC under the WY holding LLC?

[@gibranjones9351]

Thank you, but the book this week

[@phillipborbon6598]

Haven't started anything yet, but from I heard it is better to start a wyoming first then your state llc, if you do your local llc it becomes more difficult to do it under a wyoming. I'm just doing some research before I begin

[@MarkJKohler]

Yes, start in WY and register foreign in your state...IF that is what is best for your situation, please give us call and set up a consult. For the set up it is $800. To get scheduled, please call Darci at 435-586-9366 ext 2024

[@susanhorton9492]

@@MarkJKohler what does it mean foreign in your state. I'm american not foreign

[@mattkenaston7180]

@@susanhorton9492 @Susan Horton if your llc is set up in a different state, it is considered a foreign entity in your state.

[@pricehomes]

Thanks for the info! Is this a good option for running a small online business out of TN?

[@KeithBlade]

Wow, great vid and you seem honest and well informed. Subbed!

[@MarkJKohler]

Thank you so much!

[@WeisM3]

Hi Mark. Thank you for your informative videos. I just filed for a non-provisional patent and am I considering using a WY LLC because of the COPE protection. I am only using this LLC for the patent and will licensing out my IP to a contract manufacturer who will build and sell our technology to our corporation. Would there be any disadvantages for using a WY LLC for my patent?

[@phillipalder9045]

When you say that in one year, in a WY LLC, the manager needs to be named/provided to WY’s Secretary of State, can that person be a Business Trust? Thus, remaining completely anonymous???

[@texasholdem6010]

Lol "baby" ha! Cute!

[@JayBoy808Beats]

So if I get a WY LLC will I have to register as a foreign LLC every time I want to put an LLC under my WY LLC?

[@liaoweien]

Thanks a lot for the awesome content. One quick question. I saw someone use one Wyoming LLC elected as S corp for the holding company, then it has 2 operating companies (1 generates ordinary income, 1 is trading company that generates passive income ). By shifting the profit from ordinary income -> holding company -> trading company, we can defer the tax and 1 year later, the long term gain can be passed back to the owner of the holding company. Does that make sense or it is a scam? Thanks a ton. :)

[@mikeburke2540]

Question, I have my domestic llc in Wyoming and a foreign in New Jersey. Do I need to file a state income tax in Wyoming ontop of NJ?

[@karyjimenez2472]

Hi, in a series of LLCs having as a mother in Wyoming as LLC does the mother LLC has to have the EIN? gracias

[@graygray8055]

Hi, do you have a video on how to properly open a business bank account without giving your personal info?As some banks are now requiring SS# to open an account or make deposits.

[@MarkJKohler]

well.....that's a tough one. I don't know how to get around that one. Some client's use a 'straw man' / 'manager' of their LLC to get the account open...but I'll tell you, any signer on a bank account now has to divulge their SS#. If you are trying to avoid this, then it must be IRS problems (I presume). With bank privacy laws, that's the only reason why a client of mine would be concerned. Let me know if I'm missing something or if you need help. [e-mail].

[@deluxecabinet5444]

Hi Mark, thanks for the amazing information, but I got a quick question i just get into real estate investing world, im in CA and is the last part fit on me i don’t have many assets but I want to have a good foundation from scratch Wyoming LLC single member as a holding and CA LLC ? Like the last part of the video? What do you recommend? Please and thank you.

[@MarkJKohler]

Hello, thank you for reaching out. If you give my law office a call we can always set you up with somebody who can create a tailored pan just for you. [phone]

[@yaakovibnrussell6475]

At about 3:00... If the WY LLC owns a GA LLC, wouldn't you just need to register the GA LLC in GA? It seems to me the additional cost of run 2 LLCs this way would just be the roughly 400-500 year (your setups, mail forward and services, WY fees, etc). Seems pretty reasonable cost to me, even for a new investor. Another good but short video; Thanks!

[@MarkJKohler]

Thank you. Yes, 'generally' affordable if you have enough assets worth protecting.

[@texasholdem6010]

The Wyoming LLC protects your anynonimity-- you, the owner, is not listed. Also, the fee to register is less expensive than other states.

[@sukhjitraju2912]

Hi mark can it could ve made any state like Illinois.foes this protection any judgments di you have to have rental property to make this LLc.

[@ductran8128]

Thanks Mark. for WY Holding LLC, should I add Spouse into the LLC? if I do, then, can I still file as SMLLC if I want to use Disregard entity for pass through tax purpose. Thanks,

[@moublemesign9306]

Is the privacy factor gone after a year since we have to disclose the manager?

[@AlexG-zi6jr]

Thanks for your video. You have great videos! Would like to ask some questions. I would like to form a Wyoming corporation for anonymity purpose. I also would like to build credit for both and use tax strategies with S Corp and pay myself a salary. Should I form an LLC in Wyoming and file a foreign S corp in California? Does it have to have exact business name? Should I buy property, car and other assets with Wyoming or California company for asset protection? Should I pay myself from which Wyoming or California company?

[@AloneinFiction]

Inam starting a online business and I live in California but want to LLC in Wyoming... I do not want to LLC in California again.

[@mymusicstore1]

Where are you in this process? I'm looking to have mine opened by spring. I'm in California as well.

[@AloneinFiction]

miyon kelley still looking I haven’t started. Might just go the DBA way.

[@mymusicstore1]

@@AloneinFiction Okay well let's keep in touch. @[e-mail] I've heard from quite a few people that DBA isn't really a great option. Only because of tax liabilities and lack of anonymity.

[@eimosd2843]

Hi, Im based in Ireland. I would like to open an LLC just only for stock/option trading. Will it work for tax benefits?

[@hubli9375]

Thanks for the valuable video. What about non-US resident people ? such me Indian ?

[@MarkJKohler]

Are you looking for advice for setting up an LLC?

[@hubli9375]

@@MarkJKohler Hi sir thanks for reply. I just wanted to shade some light on it .

[@halalaffirmations]

Since California has really expensive LLC fee, do you recommend using Wyoming for the LLC state?

[@Jasmine-bu7bp]

Hi Mark, I own 3 separate rental LLC in NV, AZ, TX. I would have a WY LLC to own the other 3, I live in CA, how many CA $800 franchise fee would I have to pay? 1 or 4? Thanks

[@ShaiFishman]

did you ever get an answer to that? I have 2 properties in CA and I'd love to know if it's worth it to protect them via a Master LLC in WY.. Cheers!

[@viksra]

2:15 - not on public record for at least a year -- so what do you do at the end of the year if you still want to remain off record?

[@MarkJKohler]

Actually, this year we were excited to see we didn't need to disclose Managers or Members. All indications are at this point we can keep clients LLC's ownership and management completely private in Wyoming for the foreseeable future....but no guarantees. After that we need to use other relationships to serve as the Manager (which is what is typically disclosed).

[@sancop]

Mark J Kohler Thanks for the information. One video I watched said that if you create an LLC in another state, then down the road decide to use the Wyoming LLC as you mentioned in the last box, you lose the anonymity bc it’s already public. In that case would you recommend setting up the WY LLC first and let that one be the member manager of the other state LLC?

[@cocoakain]

Is charging order protection extended to Multi member LLCs as well? Or single member only?

[@surveytestmoney2550]

So..what about someone simply opening up a consulting business in FL but want this same protection? Can they get this by using a Registered Agent in FL and having everything point back to them?

[@alliesteam9776]

Please compare Delaware statutory trust vsLLC; with Wyoming LLc

[@doctorjacktrademastersnone760]

How many properties do you need before you start thinking of doing a LLC and Wyoming

[@MarkJKohler]

Hi, due to my busy schedule I recommend you contact my office at 435-586-9366. Sorry for the inconvenience.

[@tonyarnez5193]

Better yet, get yourself a Canadian corp. pay 0 taxes, don't file nothing with the Canadian government, have the company pay for everything, you take a minimal amount out as a dividend, then you file your personal tax only showing you made $200 week !

[@actinglikemarian6939]

Hey Mark! Do you have a video about Delaware as a place to set up an LLC? I'm seeing conflicting information out there about setting up an LLC in Delaware or Wyoming. Some sources say that you'll be taxed for out-of-state business and others say you won't. Which is correct??

[@kentfoltz9129]

I reside in CA. Let's say I have a parent LLC in WY that owns multiple LLC in other states. If I am personally sued in CA, will WY law protect my WY LLC? Also, if one of the baby LLCs is sued in its home state, will WY law protect the parent and it's other baby LLCs?

[@mrcooper1654]

Have to have a meeting to active the LLC right?

[@davidmacgown321]

Mark do you know how much it costs to set up a Wyoming LLC? I live in Michigan and wholesale houses in California and create an LLC in Michigan for each deal because it only costs $50. I'm using the LLC strategy to avoid double closings because they are costly and assignments are frowned upon these days. I used to the land trust exit strategy but title companies in California no longer close on them. I liked the anonymity and privacy Land Trusts provided so this is why I'm considering manager managed Wyoming LLC's going forward. Thanks!

[@dropby1913]

charging order protects the money in the LLC. once the money come out of LLC, the creditors will get it. That means I cannot get to the money either. What is this good for then?

[@alliesteam9776]

For commercial office Bldg or more than 5 units apt Bldg, can they still use Wyoming or need to use Delaware statutory trust?

[@pramod4job]

I have a property in NC and in SC, i will be renting both soon ? Best way to protect these from lawsuits

[@MarkJKohler]

Pete, here are just a few ideas to make sure you are safe. Set up an Entity for your rentals (LLC,SLLC).Act Like A Responsible Landlord. Have A Quality Lease Agreement. Carry an Umbrella Insurance Policy. Know What Risks Are You Liable For.

[@CDaeda]

Most lawyers will include you as Defendant no matter the asset protection strategy you may use.

[@thebestken]

What about banks opening account on anonymous LLC ? Will banka open the account?

[@HassanKhan-tz2xo]

How can I change director/ownership of Wyoming Wyoming LLC?

[@pramod4job]

Can a tenant sue the LLC in any state? Can the assets ( home which is rented under LLC ) be brought to the lawsuit and LLC can lose the property? if LLC loses in a law suit?

[@MarkJKohler]

Pete, a disgruntled tenant may go after one of your properties in a lawsuit, meaning your LLC, but they may not go after you personally.

[@ahmedxh]

Thank you for the info. My lawyer thinks it’s better to set up holding company in Delaware. What do you think?

[@gatesstudygroup8913]

Imma research Delaware today

[@astrofos1901]

hey mark whats your advice for an online retailer from a foreign country who wants to incorporate a LLC in wyoming?

[@MarkJKohler]

I think that is a great way to go. But it still depends on any tax treaties between your country and U.S. For example, it wouldn't work with Canada, but most it would. Get a consult with our office and have us do it. Please contact Darci to get scheduled. Her number is 435-586-9366 ext 2024

[@tonymanshino2920]

Hi, I have Wyoming llc and would like to add a person as manager, what section mention in the amendment?? I've only had the LLC for a month and it's a bunch ou lawyer talk no one can understand

[@nitharsanam630]

What is the real money value of the “lots of assets”?

[@nesdi6653]

How do it work say if you have a physical store front in California yet your LLC is in Wyoming and you have never even been to wyoming

[@MarkJKohler]

Well....you still have to register the WY entity in CA. The BEST use of the WY entity is holding an asset, not running a physical store front through it. Good question.

[@sirnicholas6626]

What if you are not going into real estate just yet. I want to setup a holdings company we are looking to purchase our first business in the next year or less. I would like to have the company setup before our purchase so I can purchase through the holding company and not myself.

[@MarkJKohler]

Love it. We help clients do that ALL the time! You get an hour with one of our tax attorneys when you set up the LLC. It's affordable and you have an advisor to help you through it. $800 in ANY state. Please call my assistant Rosalie to set up a free 15min interview with one of the attorneys. 435-586-9366. Thanks

[@brandonlifefamily8331]

Mark I am in the beginning stages of setting up a wholesaling company. Which state do you recommend?

[@alfalogic]

What about New Mexico LLC?

[@PeterOriolo]

Do you also play music when you talk to someone offline?

[@sachinkumawat2567]

Lol

[@andyd.444]

What about a WY LLC in order to sell on ebay/Amazon ( customers across the states ) or sell online services to US based customers? How's accounting handled in these cases? Do you need to register with each of the states or...?

[@JohnQPublic345]

I think only the state you're doing business in

[@semyonrubick1799]

Interesting to know how did you manage with it? I'm currently looking for a right decision to incorporate a WY LLC with a foreign entity.

[@zishanalirajput6030]

What if we are out from the country like from Pakistan. Which is more effective Delaware or Wyoming LLC?

[@MarkJKohler]

Zishan, for those abroad, I typically recommend opening the LLC in Delaware, which has low taxes, maintenance fees and rigid corporate law. Wyoming is another great option. If you are looking for a state with strong privacy laws, I recommend Nevada. It really depends what type of business you have and what your are planning to do with it.

[@giancarloscatoira8988]

very good video, Is there a way to open an LLC in Wyoming while living in another state? greeting

[@robrodsep]

Will this be a good option for any Amazon FBA seller? Since I see people online talking about getting an LLC in WY if you're a FBA seller.

[@gatesstudygroup8913]

Good question

[@charlesna5359]

This is a good question.

[@hdd1977m7]

What if you are a non U.S. citizen with a virtual ecommerce business. How would Wyoming LLC be better compared to say Delaware?

[@mittu123vik]

Good question.

[@SunnyDaysRFun]

Did you ever get your answer? If so, what's the answer?

[@powerofknowledge7771]

Wyoming is a $0 income tax state and their upfront filing fee is only $100, then only $50 every year after. Delaware is $90 up front and has a $300 franchise tax every year, regardless of income. Then there's a $200 penalty if you don't pay it on time.

[@semyonrubick1799]

@@powerofknowledge7771 what about withholding of tax on foreigners (30%)?

[@IRAKLICHIKHLADZE]

What is the best strategy for over the road transportation company/owner operator?

[@MorarNaGringa]

The background music is too loud for headphones

[@donparkes5056]

Hi Mark- As I build out my real estate portfolio, and add LLCs, can I add the Wyoming Holding LLC later when I'm ready, or does it makes sense ($$) to do it now? I currently have 1 LLC with 2 properties in it. Thanks!!

[@patrickmoore4712]

This guy wants to know this answer as well!

[@John-zh6ld]

We do the same thing. One LLC per property or product then immediately open the Wyoming LLC which serves as an excellent FLP then rolls up to a Trust. It's beautiful.

[@MarkJKohler]

Don, I just noticed this message. I'm so sorry. Yes...you can ALWAYS add a Wyoming LLC later...and it doesn't have to cost an arm and a leg. However, be cautious of the comment below. Setting up an LLC for every property, is A LOT more than just filing articles. They need an Operating Agreement, Minutes, Corporate book, EIN, bank account, AND they need to be maintained, books kept, and possibly a tax return. Anybody that says you just need one sheet of paper, ask them if they will give you a 'personal guarantee' the LLC won't be pierced in a law suit for not doing the things I stated above. I will. We stand behind company maintenance and it's validity. Anyway, sorry about the delay. Wish you the best. Check our firm out at www.kkoslawyers.com.

[@wanxiangchen9511]

Hey Mark. What about setting up a Wyoming LLC to protect your brokerage accounts? Is that a good idea?

[@patc1839]

If you do not disclose managers and or members, how and who can open up bank account accounts for the business?

[@MarkJKohler]

Hi, due to my busy schedule I recommend you contact my office at 435-586-9366. Sorry for the inconvenience.

[@patc1839]

Mark J Kohler thank you

[@faaizweb9]

For Wyoming LLC, How much profit percentage I have to pay as IRS Tax (1120 & 5472)?

[@jessinvests]

Is it protected against say, a divorce?

[@Travelista125]

Hey i dont reside in usa but would like to setup an llc for online business like ebay, wall mart etc for taxation purpose. Can you please guide me the process.

[@MarkJKohler]

Raja, yes, it would be my pleasure. Please give our office a call and we would love to help you out with this. [phone]

[@SuccessSpark099]

@@MarkJKohler what are your charges to register company EIN and bank account?

[@LilTaRusmusic]

I'm in Texas can you do a video about Series LLc! Holding with series LLC. Thanks

[@MarkJKohler]

Here's a recent video on Using series LLC in 2019 that you can check out: kzbin.info/www/bejne/o5u5fJ15ntJmncU

[@stressfree9780]

Pay him and he will think about it

[@nojokeauto]

So if I had my Wyoming LLC own my Indiana LLC do I have to open two separate bank accounts for my rental house?

[@gatesstudygroup8913]

Yes you got two different corporation

[@davidmatthews2604]

What are the taxes have to pay after an year with Wyoming LLC?

[@mattcastle12]

At 1:40 you say "Are you ever going to distribute money? No."... does this mean you simply can't pay yourself but you can pay the expenses of the LLC? Ex) property taxes, mortgage, insurance, etc., are all still paid but perhaps you aren't paying yourself?

[@MarkJKohler]

Well... great question/point. Of course, you ultimately 'would' distribute, but the fact that you won't if a creditor is there, is threat enough for them to stay away. MOREOVER, you can allocate taxable income to them WITHOUT giving them $$. ... It's a pretty sweet threat.

[@mattcastle12]

By "allocate taxable income to them" do you mean paying of mortgage, PTs & insurance, but not paying the creditor directly? I guess my question comes down to this... can you pay what needs to be paid to keep the assets within the LLC in good standing but not pay the creditor? Along these lines, can you pay yourself via some other Wyoming LLC loophole?

[@MarkJKohler]

You wouldn't be able to pay yourself, but pay the bills of the company, keep the assets and allocated taxable income to the creditor. If you would like a consult to discuss further and design an asset protection plan for you, please call my assistant Jake Johnston. You would be surprised how affordable it is. You can reach him at 435-586-9366. Thanks

[@anthonyrude]

Can the managing director be another llc?

[@richardrivera7317]

Great video. I am ready to get a Series LLC in Texas and add a cell for each rental property. My question is, after I set them up can I later get a Wyoming LLC to own my initial Series LLC?

[@tracybrighton1261]

is it advisable to name your LLC under your surname?

[@MarkJKohler]

If it's an operational LLC, no problem. You are going to be marketing yourself and the business anyway...BUT...if you are trying to protect assets and create privacy (like with a rental property) - heck no! Here's a good article and video of mine on privacy: markjkohler.com/personal-privacy-versus-asset-privacy-a-unique-perspective-that-will-surprise-you/

[@SD-rg5mj]

Hello my name is Cyril and I am French and I had to create a it's in Wyoming because I have to do wholesale on amazon and walmart I have to declare the month of March that I have Do it on Amazon and despite the explanations from the Wyoming Tax Office I still have difficulty understanding, could you help me please thank you Cyril

[@sirebumf]

Hi Mark. Just saw your video. Very informative. QUESTION: Can you set up a Manager WY LLC to collect lottery winnings in any state? If so how would it work?

[@MarkJKohler]

Freak yea! If you need help with setting up the LLC, I have a wonderful team of attorneys and paralegals that are more than willing to discuss with you and help you start and finish entity setup. Please give my assistant Rosalie a call at 435-586-9366 ext 2024 and she'll explain better our services and pricing and potentially get you started with a consultation. Thanks!

[@Frankiep72]

It is my understanding that Arizona offers the same charging order protection to single and multi-member LLC's as Wyoming. Is this correct?

[@chefjonathan7]

Hi I'm looking to my Articles in Wyoming along with my fiance. She live in Finland and I live in California. Two questions :is it possible for us to establish this as a partnership ? And can you help me file? 🙂 thanks

[@MarkJKohler]

Here is a video about structuring partnerships: kzbin.info/www/bejne/nIqyk6B4nbqYa6c. Here is also an article I wrote on some Dos and Don'ts to partnerships: markjkohler.com/steps-to-succeed-in-a-partnership-dos-and-donts/. Please send an email to my assistant at [e-mail] and he can connect you with someone at my law firm that can take care of you.

[@chefjonathan7]

@@MarkJKohler thank you im watching it now

[@Marcosworld77]

What about clients that have cryptocurrencies as their assets and even though they may not be worth alot right now but have the potential later on? Should they wait until their assets appreciate?

[@randomsalmon4603]

Crypto is not an asset; it's a speculation just like the stock market.

[@rumplemcfrankenberg]

who did a thumbs down? seriously?

[@MarkJKohler]

Lol...thanks. Apparently I have a few haters. That's ok. Maybe they like Delaware or Nevada better. :)