Question 1

Do I need to file a BOI (Beneficial Ownership Information) report with FinCEN?

Accepted Answer

No. As of March 26, 2025, US-formed LLCs are exempt from BOI reporting requirements. Only foreign entities registered in the US must file.

Question 2

Do I need a registered agent?

Accepted Answer

Yes — all states require a registered agent with a physical address (no P.O. boxes). If you live in the state, you can be your own agent for free. Otherwise, professional services cost $100–$300/year.

Question 3

What is a foreign LLC?

Accepted Answer

A foreign LLC is an LLC operating in a different state than where it was formed. For example, a Wyoming LLC doing business in California must register as a foreign LLC in California, meaning fees and reports in both states.

Question 4

Should I elect S-Corp status for my LLC?

Accepted Answer

An S-Corp election can save significant self-employment tax (15.3%) by splitting income into salary + distributions. Generally worth considering if your LLC nets $50,000+/year. Cost: $1,000–$3,000/year for CPA and payroll.

Question 5

How much does it cost to maintain a US LLC per year?

Accepted Answer

It varies by state. Wyoming: ~$150–$350/year (cheapest). California: ~$920–$1,120+ (most expensive). Texas: ~$100–$300 (just registered agent). Includes annual report fees and registered agent — not CPA costs or taxes.

Question 6

What forms does a single-member LLC file?

Accepted Answer

A single-member LLC is a disregarded entity for tax purposes. You file Schedule C with your Form 1040 (personal return), due April 15. Extension available to October 15. Quarterly estimated taxes owed if expected liability is $1,000+.

Question 7

Can a non-US resident own an LLC?

Accepted Answer

Yes. Non-US residents can own and operate LLCs. You need an ITIN or EIN. You'll file Form 1040-NR instead of 1040. Many banks serve non-resident LLC owners. No US visa or Social Security Number required.

Question 8

What happens if I miss my annual report deadline?

Accepted Answer

Most states will mark your LLC as not in good standing and eventually administratively dissolve it. This means losing liability protection, your EIN becoming invalid, and inability to legally do business. Most states allow reinstatement for extra fees.

Question 9

Does my LLC need a separate bank account?

Accepted Answer

Yes — this is critical. Mixing personal and business funds (commingling) can allow courts to pierce the corporate veil, making you personally liable for business debts. Open a dedicated business account.

Question 10

What is the NY publication requirement?

Accepted Answer

New York requires newly formed LLCs to publish in two newspapers for 6 consecutive weeks in the county of formation. In NYC, this can cost $1,000–$2,000+. After publication, file a Certificate of Publication with the state.

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Your US LLC, Never Out of Compliance