I am in the process of registering by business in the state of Michigan as an LLC. I have a question: I cannot decide between having the registered name be "XXXXX" or "XXXXX Co" If I choose "XXXXX Co," would the official name be XXXXX Co LLC.? Could I register as XXXXX and call it XXXXX Co instead of XXXXX LLC? Or should I register as one name, and then file for a certificate of assumed name for the other? Any suggestions would be great. This is my first time registering a business and I would hate to be stuck with a name that I later find out doesn't really work.
name of LLCs must end with LLC or limited liability company or L.L.C., i think, but regarding name, you can always change it at any later time.
By the way, how much of taxes a Michigan LLC has to pay? I thought about incorporating in Delaware, but it seems they want 24% of profit as a corporate tax there... 24% -- is it normal for the US?
That would be a question for your CPA. I can't say I recall any tax. Only the annual renewal fee. However, I have my CPA deal with all that. I just pay the man.
Unfortunately, right now I don't have any CPA at hand and have no idea where to find one... May I ask you how much you pay your man?
It honestly varies on what he is doing for me. I have a few businesses, and some years one (or more) can get overly complicated. Keep in mind, I deal with models, 1099's (contracted work)/labor, and used to have a partnership. So it could get messy some years. However, it typically was $200-500.00 per time I would have him working on something. I see him a few times a year for a 'consult' or taxes. He is fairly affordable compared to many others out there. Some I have heard will charge upwards of $100-300.00+ per hour.
You are still a U.S. citizen. So it will not matter in that regard, at least if it is taxes you are trying to avoid.
You can view an answer to a very similar business question here. Maybe you even posted it on that other forum?
Of course if you tell IRS that you have a banana Co. they'll tax it, i think. But if you don't... Anyhow, BVI doesn't require any accounting as far as I know. Maybe it is possible to get non-taxable profit in a BVI and pay US taxed dividends to yourself, and save $100 p.h. on accounting. Anyway, I'm not an offshore tax specialist and not a US citizen, and my problem is not taxes, but costs of incorporating and running a US LLC from abroad. Now it seems rather complicated and expensive...