If I create an LLC in Nevada/Wyoming or Delaware...can I do business as usual in New York City? Is there any limitations I should be aware of? Penalties? Taxes?

Thanks!

Charliebots

“If I create an LLC in Nevada/Wyoming or Delaware...can I do business as usual in New York City?”----> There is no limit on how many LLCs you may form. From a cost standpoint, it is cheaper to have one LLC than many. If you want to do business in DE(NV) or other than NYS but are registered as a domestic LLC in NYS, in order to legally conduct business in the state of DE you must register with the Delaware Secretary of State as a Foreign LLC. The process of registering as a Foreign LLC in Delaware is called Delaware LLC Foreign Qualification.
“ Is there any limitations I should be aware of? Penalties? Taxes?”----> In order to register as a Foreign LLC in the state of DE, you must first prove that you are registered in another state as a Domestic LLC. Every DE Foreign LLC must have an address that is physically located in the state of DE. This address is "registered" with the DE Secretary of State. The Registered Address is where official and legal correspondence can be delivered. The individual or company that is registered with the state of DE to receive all correspondence on behalf of the DEForeign LLC is called a "Registered Agent". You may act as your own Registered Agent, however, many DE Foreign LLCs hire a Registered Agent because they don't have a physical address within the state of DE or to provide a distinct level of privacy.You need to file required annual reports for yoru DE LLC; the Annual Report includes basic information about your DE Foreign LLC including information on your Members and Officers. Failure to submit a properly completed DE Annual Report to the Delaware Secretary of State on or before the due date may subject the DE Foreign LLC to being administratively dissolved in the state of DEor having its authority to transact business in the state of DE revoked by the DE Secretary of State. Penalties may accrue if you fail to file any DE LLC Annual Report to the DE Secretary of State by the due date. Foreign LLCs that either do business in the state of DEor that derive income from sources within the state of DE are subject to DE tax laws. If you are engaged in intrastate business and derive income from other states besides DE, you must allocate the amount of income derived from the state of DE in order to determine your DE state taxes.

so i don't have to create the LLC in NY in order to do business there? that is my drift...it's because NY has some weird rules about publishing your info (at a high cost) for a few weeks. it feels less protected.

For the majority of small businesses, incorporating or forming an LLC in your home state is usually the easiest and least expensive option. This is because virtually every state has laws that require you to "re-register" a DE or Nevada company in the state where it is actually doing business. For example, if you form a NV corporation but your physical business is located in NYS, the state of NY will want you to "re-register" as what’s called a "foreign corporation" (a company that was not originally incorporated in NYS). This is especially true if you intend to get a bank account and business license or rent office space in your home state.

Many thanks!