Wyoming LLC whereby the owners both live in CA
Elizabeth Ferreira
852 East 14th Street
San Leandro, CA 94577
Tel 510-635-6500 Fax 510-635-6535
IRS Circular 230 Tax Advice Disclaimer: To ensure compliance with requirements imposed by the IRS, I inform you that any Federal tax advice contained in this communication (including attachments or enclosures) is not intended or written to be used, and can not be used, for the purpose of (i) avoiding any penalty that may be imposed under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
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Lee Reams
Page 5 - Penalty for Non-Registered, Suspended, or Forfeited LLC – The FTB will assess a $2,000 penalty against a non-qualified foreign LLC that is doing business within the state while not registered to do business within the state, or while suspended or forfeited.
Page 7 - California law requires LLCs not organized in the state of California to register with the California SOS before entering into any intrastate business in California. The laws of the state or foreign country in which the LLC is organized generally govern the internal affairs of the LLC. The California SOS may not deny recognition of an LLC because the laws of the organization’s home state or foreign country differ from California’s laws, except in the case of professional service LLCs, which are not allowed to register as LLCs in California.
Page 7 - Who Must File An LLC may be classified for tax purposes as a partnership, a corporation, or a disregarded entity. The LLC should file the appropriate California return. Form 568 must be filed by every LLC that is not taxable as a corporation if any of the following apply:
• The LLC is doing business in California.
• The LLC is organized in California.
The LLC is organized in another state or foreign country, but registered with the California SOS.
• The LLC has income from California sources (Nonregistered foreign LLCs, see Exceptions to Filing Form 568, below). An LLC is not required to file a tax return and is not subject to the annual tax and LLC fee if both the following are true:
• The LLC’s taxable year is 15 days or less.
• The LLC did not conduct business in the state during the 15 day period.
Registration: LLCs that are formed in California, are required to file articles of organization with the California SOS before doing business in this state.
LLCs organized under the laws of another state or foreign country are required to register with the California SOS before entering into intrastate business in California.
Nonregistered foreign (i.e., not organized in California) LLCs that are members of an LLC doing business in California or general partners in a limited partnership doing business in California are considered doing business in California. Regardless of where the trade or business of the LLC is primarily conducted, an LLC is considered to be doing business in California if any of its members, managers, or other agents are conducting business in California on behalf of the LLC.
FTB PUB 568 – Limited Liability Co. Tax Booklet
https://tbz-prd.s3.us-west-2.amazonaws.com/20896/ai-file-352.pdf
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Elizabeth Ferreira
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jo...@rstaxplus.com
Hello there,
So, I have a C-Corp client, registered in Delaware. When I enter the owner as a resident of CA, obviously the program wants to file a CA return. It appears I can e-file without a CA Corp #, if I select ‘Other” for the reason for not having a CA Corp ID. What recommendation do I give to my client about ‘doing business in the state’? He is 100% an online software and video game developer. As of now he is the only owner, but has shares to sell to investors.
I usually recommend an S-Corp and always filing in CA if you live in CA/do business in CA.
Is it ok to file a return without a CA Corp ID and still pay tax to CA on the earnings?
Is there other filing needed to be done with CA (if he decides to keep the DE Corp registration)?
Jodi
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Lee Reams
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