I have been researching a certain opportunity to open a small business and after running financial projections and talking with owners of similar businesses, the prospects look promising. Once I get further into the researching demographics, I realized I had a problem: the market where I live is saturated.
There is a wide-open market in my hometown in Georgia, but I'm not particularly interested in uprooting my family to move back. Logistically, I've worked through what it would look like to run it remotely and have a family member in the area partner with me to run the day-to-day operations.
Here's where I'm having trouble finding a clear answer: it seems doing this would make me liable to income taxes in both states. I'm planning on functioning as an LLC. 1) Which state should I form the LLC in for the best tax situation--the one where I work or the one where the business is? (Edit: please note the second part of this question as I'm looking at the pros and cons of these two states only. I'm not interested in further complicating this by bringing s third state into the mix.) 2) Based on the answer to the above question, how would that affect my state income taxes?
I know this is going to be somewhat of a headache, but the opportunity is worth it if it pans out. I just want to know what that headache will look like.
Edit: I'll definitely hire a CPA at some point, but I'm just looking for some quality preliminary info to help me know what's coming my way.
Submitted September 15, 2017 at 09:58AM by poopsmitherson http://ift.tt/2foic54
