All Forum Posts by: Jerry W.

Welcome @Chase Harber, glad to have with us on BP.  Give me a yell if you come through Thermopolis.

@Cody L., in my experience the fact that you don't have 50 bank accounts to go with your 50 LLCs might be cause to pierce the veil as no formalities of separateness have been followed.  I would suggest consulting with a local attorney for second opinion as laws vary from state to state.  Co mingling money is very likely to allow the veil to be pierced.  Your address is listed as being in CA it was my understanding the CA charges you 800 for every entity you have in another state if you live in CA.

In case any of you are interested Wyoming just passed a series LLC law that took effect July 1st. I guess now I am going to have to read up on how they operate more.

Hi all,

From Thermopolis here.  We have a few folks who started a meet up in Riverton and another one is getting going in Cody.  There has also been an informal one in Cheyenne for awhile.

@Derrick Gordon, first you have received a lot of well intentioned advice here some of it is great, some of it is misguided.  @Steven Hamilton II and @Ned Carey and @Natalie Kolodij have explained it so well that I have very little to add. First entity creation is about asset protection from liability. If done correctly all will protect you in most situations. The laws that create them are very clear about their benefits. There is actually a little bit of protection from LLcs that is not present in C or S corps. If you are in a state that has charging order protection it can actually protect you somewhat you get sued and go broke, but your LLC does not. There are even closely held LLcs or corps that require fewer formalities in annual meetings and minutes, but require extra knowledge. Not all states give LLC protection the same, but the idea that cities can alter how much they protect you seems pretty unlikely to me. Laws for corporate entities are set at the state level, not the city level. Cities cannot pass rules that undo state statutes without permission from the state legislature. There are huge tax ramifications based on which way you choose to be taxed, so get a good accountant to help with that choice. Passive income versus non passive income has special rules. Good luck in your investing. You are asking good questions and appear to be learning a lot from the answers, just be careful to who you listen to on online advice.

@Alan Fitzpatrick, I also have never heard of this.  The only place I would think that would be able to tell you is the labor board for your state.  I have no idea, and you will definitely rock the boat if you call them in, but this is something I have never heard of.  I suspect it will be controlled by wage and income rules, not insurance law, but cannot say for sure.  You might let us know how it turns out.

@Lani Archer, welcome to BP and Wyoming. It is very easy to form an LLC here. Go online to the Secretary of states site and with a credit card you can form an LLC in 10 minutes. You need to figure out will it be a 1 person LLC or will there be more? You need to talk to an accountant about the tax status you want, that is very important. There are many outfits who will act as a registered agent for you. I would pay the extra $75 or so to get a corporate book from Corpex or a similar place for your LLC. You also need to read up how they work, as if you don't treat them right they provide very little protection. You might consider a closed or family LLC that doesn't require annual minutes or meetings. If you have just one or 2 items you have questions about I can try to answer a few of them. I have had some crazy stuff happen lately so things have been a bit busy.

Hey Jeff,

No one will really care for your property like you.  That being said 36 hours to respond to an email isn't great, but was it something urgent or something of a much lower priority?  In business it would be great to answer every call, email or text immediately, but reality sometimes you just go with what is the biggest problem and work down from there.  If they work out it does hurt your income stream, but can make your life much easier.  One thing I would make sure of is that they have a strong online presence or advertizing for your property.  I am old school, but rent probably 80% of my properties through online advertizing in local facebook groups.  I will keep trying to look you up when I go through Cheyenne sometime, it seems I am always in a hurry when I pass through lately.

Our liability protection is probably the best out there, I just wish our economy would come back.

The only thing I have to add is that Wyoming does not have a state income tax, there is no annual tax form to file here.