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Louisiana/Texas LLC or S-Corp
Posted on 7/13/18 at 5:27 pm
Posted on 7/13/18 at 5:27 pm
I have been working as an independent landman in Texas and am looking to start an LLC/S-Corp. I am looking for advice on whether I should set it up in Texas or Louisiana. I am also looking for advice on tax benefits and best ways to use the LLC/S-Corp to my advantage in my line of work. TIA
5
Posted on 7/13/18 at 5:48 pm to bostongeorge32
This isn't something that can be explained on a message board, consult a CPA
Posted on 7/13/18 at 6:07 pm to Mingo Was His NameO
I kind of figured that.
Posted on 7/13/18 at 7:13 pm to Mingo Was His NameO
This. But short answer. Probably want to set up as an LLC, and get the irs approval to be taxed as a S Corp.
Posted on 7/13/18 at 7:14 pm to bostongeorge32
LLC is a hybrid entity where you choose how you want to be taxed.
Posted on 7/13/18 at 7:26 pm to bostongeorge32
I am a Louisiana resident that has been working in Midland since October of last 2017. Is it in my best interest to change my residency to Texas and set up my LLC here or just go ahead and set it up in Louisiana?
Posted on 7/13/18 at 8:07 pm to bostongeorge32
You won't pay tax as a LLC taxed as a S Corp. You will pay as an individual with the pass thru. So it depends if you are a La. or TX resident to avid state income tax. That would be the biggie.
But as Texas citizen you will pay more for property tax if you own.
But as Texas citizen you will pay more for property tax if you own.
This post was edited on 7/13/18 at 8:09 pm
Posted on 7/13/18 at 8:30 pm to cajuncarguy
Don’t own as of now. And would rent for the foreseeable future
Posted on 7/13/18 at 8:38 pm to bostongeorge32
Start LLC
Elect S-Corp
Buy you a baw truck over 6k pounds
Profit.
Well, maybe not profit, but pay less taxes
Elect S-Corp
Buy you a baw truck over 6k pounds
Profit.
Well, maybe not profit, but pay less taxes
This post was edited on 7/14/18 at 5:56 am
Posted on 7/13/18 at 8:48 pm to bostongeorge32
Move to TX and don’t pay la state taxes.
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