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Yes I hear you guys. Here in AZ my first year sales tax was $3,393 plus about $1,700.00 in registration. That was when the 2015 was new. Now the registration is about $800.00 and will going down as the years go on I have no idea where the bottom is?
LLCs are weird little dudes and one has to be careful with them. Several times a year I have folks come into my office with letters from states asking why they have not done their yearly reporting? In some cases it takes mouths and several hundred dollars for me to fix it for them.
Before everyone jumps on me I am not up to speed with all the states LLC reporting requirements but just be careful with Ca, NY, MA, IL, and TX.
Some states may or may not have reporting requirements so just be careful.
My practice is in CA so I know the state LLC laws and reporting requirements. If you have an LLC in ANY state and you live in CA you must file with the secretary of state and pay a yearly fee of $800.00. No matter if the LLC is active or inactive. Now that's not to say lots of people just don't know or do and just shine it on. But once caught it is not a pretty thing.
How do you get caught? Well I just know about AZ and CA if you have a AZ or CA plates on your truck and a different state's plate on your rig the police will stop you. Dont ask me how I know about this. If you get stoped for any reason you will be asked for your license and registration. If they don't match the plates on the truck or rig or your home address the game is on.
I don't pretend to know all the laws but these I do know. Yes people squeak by and never get caught but I for one have far to much to lose to be playing this game. Again just my educated 2 cents.
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