Tax, Legal Issues, Contracts, Self-Directed IRA

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Foreign Entity LLC - Missouri Specific Tax Question

Posted Apr 27 2022, 07:31

Are there any tax experts local to Missouri (I own an investment property in the KC area) that would be willing to chat with me about potential double taxation while operating as a foreign entity? My LLC is in NC, and wondering if I run the risk of paying more by registering w the state and quit claiming the property into the LLC.

Kansas City, Missouri

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Ashish Acharya#1 Tax, Legal Issues, Contracts, Self-Directed IRA Contributor
  • Accountant, CPA, CFP®, PFS
  • Atlanta, GA
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Ashish Acharya#1 Tax, Legal Issues, Contracts, Self-Directed IRA Contributor
  • Accountant, CPA, CFP®, PFS
  • Atlanta, GA
Replied Apr 27 2022, 08:33

There will be no double taxation. You will get credit. 

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Replied Apr 27 2022, 11:20

Thanks! And do you happen to know anything about listing a registered agent if we are out of state? Our property mgmt company won't do it for liability reasons, and not sure what other options we have...

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Basit Siddiqi
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  • New York, NY
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Basit Siddiqi
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Replied May 26 2022, 12:55

registered agent's can be as low as $50 a year. 

It is a cost of doing business.

Double state taxation should be avoidable. Normally one state will provide you a credit for taxes paid to another state.