Wyoming LLC for your SDIRA | Frank Selden Law

Wyoming LLC for your SDIRA

Why should self-directed IRA clients use a Wyoming LLC? As Nevada fades in the #1 State slot to create an LLC, many clients look to Wyoming for the best benefits. If you want to read the WY LLC rules, click here. Most of our clients create LLCs for their IRAs in their home State. Depending on where you live, though, creating an LLC in another State may offer some advantages over your home State. If clients want to create an LLC in a State other than their residence, I now recommend Wyoming as the best State. Here’s why.

Wyoming Seal

Wyoming LLC Benefits – Asset Protection

A Wyoming LLC formation or corporation offers its officers and directors the highest degree of protection from lawsuits filed by disgruntled creditors or overzealous plaintiff attorneys.  Doing business as a Wyoming Corporation or LLC gives you advantages like asset protection and business privacy. Wyoming instituted the first LLC statutes in the United States in 1977 and changed in 2010 to stay current with the times. Wyoming claims the strongest laws protecting LLC members and managers.

Wyoming LLC Benefits – Privacy

Wyoming does not list Wyoming LLC managers or members listed on a public database.   Nevada requires a tax ID number of the company and personal guarantee on the state’s business license. If you do not live in Wyoming (or whatever State you wish to create your LLC) you will need to pick a Resident Agent who is the public face of your LLC.

Wyoming LLC Benefits – No State Taxes

There are no State taxes for Wyoming LLCs. Nevada, as of June 2015, installed a corporate gross receipts tax (no deductions allowed).  This same bill raised the yearly fee for a Nevada corporation by 150%. One can argue with Nevada that an IRA owns your LLC and therefore not subject to their receipts tax, but why take on that energy if you don’t have to?

Set up your IRA-LLC

I participate in setting up SDIRAs through PGI Agency. PGI takes the lead on determining whether an SDIRA is a proper fit, helping clients choose a custodian, and helping you through the account setup paperwork. I answer tax questions and prepare the LLC operating agreement. To get started, contact PGI here.

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