What’s the catch with Wyoming LLCs?

[Bobbyb0i]

You see these talked about by people outside the US but sometimes also inside the US too. People will tell you to register a Wyoming or Delaware LLC because you can do it remotely and it’s not as strict or better for taxes.

But what’s the catch? I feel like there has to be some sort of drawback to these I just dont know what it is. You know the saying that if it’s too good to be true then it probably is.

 

[shattered world]

No state income tax and asset protection laws.

Also youve got companies set up around the idea of charging people to file all the registration paperwork since these are popular. You can do it yourself easily but that’s another reason they’re popular.

 

[SilverClouds]

No state income tax and asset protection laws.

Also youve got companies set up around the idea of charging people to file all the registration paperwork since these are popular. You can do it yourself easily but that’s another reason they’re popular.

How to do it yourself? I registered in my home country by myself so no reason to not file this by myself.

@Bobbyb0i I think the main catch tax-wise is that they're pass-through entities. So they won't give you tax residency and to truly not have to pay tax in your home country you have to move your ass to the likes of Dubai, Georgia, Monaco, Mauritius, etc. Then you either pay very minimal (like 1% in Georgia) or 0% tax or sometimes 10% (if I remember correctly) in Cyprus, etc and get tax residency papers that you can show to your home country. So if you really want to legally optimize taxes, not just illegally avoid them that's the catch and only reason why I still look at different countries and entities and haven't just registered US LLC (but it's high on my list and I might do that temporarily).

 

[shattered world]

How to do it yourself? I registered in my home country by myself so no reason to not file this by myself.

I haven't done it myself but I think the states have websites where you can file things yourself. The old way I heard about was you printed the forms, filled them out and then mailed them to whatever state office they tell you to.