LLC or a limited liability company is a good option for small businesses as they are cost effective and flexible compared to corporations. The rules and regulations pertaining to LLCs differ from state to state. In some states you can start an anonymous LLC where you will not need to disclose who the members are.
Why choose Wyoming
Form LLC in Wyoming if you want to enjoy the privacy. Though the government will know the identity of the owner and the members, it will not be made public. You wouldn’t need to pay a fee for licensing your business here. The maintenance and annual fees are quite negligible as well. Moreover, the process of forming an LLC here is quite simple and efficient. You can get all the necessary documents processed in a day or two. The icing on the cake is that you don’t even need to be a US citizen to set up a LLC here.
Tax deduction and asset protection
Form LLC in Wyoming and be free of state taxes as LLCs are exempt. You will end up saving thousands on income tax in this state. Wyoming was the first state to pass a law allowing the formation of LLCs and over the years they have passed laws ensuring that the owners, members and directors enjoy maximum privacy and are safeguarded from lawsuits filed against them. Wyoming is the best place to start a LLC for small businesses and family owned businesses. You can even own real estate through the LLC; this will be an added safeguard against opportunistic tenants as they can’t sue you for the asset as its being held by a trust. You would need to hire an experienced law firm to show you the ropes and set up the LLC with the minimum hassle.