LLC created in Wyoming, not being operated yet

2 Replies

Hello, BP members!

Question here- LLC was created last year (Feb 2015) in state of Wyoming, I am the only member of it.

However since I am based in Cali, I assume I need to pay 800$ for taxes? If yes- I do it only through an accountant? Can I do it myself?

LLC hasn't operated last year at all (no income/no expense).

I appreciate your responses.

Tatiana.

@Tatiana Galushkina, you need to ask your CA accountant. You do need to file taxes on your LLC every year even if you do not do any business. I believe the fine for not filing is $10,000, though you can often negotiate that amount down. Contact a CA CPA right away. I also think @Amanda Han has handled several of these for BP folks.

If you are domesticated in WY, but registered as a foreign LLC in California, then yes you need to submit $800/yr. The $800 for 2015 should have already been submitted for 2015 (I think you have 4 months from organizing the LLC). The $800 for 2016 is technically late if you haven't paid it yet, it was due 4/18. You can do this yourself. This year, they started allowing online payment at www.ftb.ca.gov.  But if you are late, you may need the help of a CPA to figure out late fees and what you actually owe.

Now if you haven't registered as a foreign LLC in California, normally I would say you still owe the $800/yr tax because you are the only and hence managing member. However if your LLC has not even begun to do business at all, then that's where I am unsure. I'm sure if you call CA SOS, they will say yes you still owe. You can go here for more information

https://www.ftb.ca.gov/businesses/New_Rules_for_Do...

It says: "Partnerships and LLCs are considered doing business in California if they have a general partner or member doing business on their behalf in California."  But if you haven't even started doing business...then does that mean you still owe... (I don't know)

Anyways, you definitely should consult a CPA on these issues.

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