A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Wyoming Nominee Trust
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The report and tax are due by the first day of the month of the LLC's formation. So, if you formed your Wyoming LLC on September 17th of 2022, the report and tax will be due September 1st, 2023, and every year after. The tax costs $60 or 0.00002% of the value of your LLC assets, whichever is larger.
How much does an LLC in Wyoming cost per year? All Wyoming LLCs need to pay $60 per year for the Annual Report (aka Wyoming Annual License Tax). These Wyoming LLC fees are paid to the Secretary of State. And this is the only state-required annual fee.
Wyoming has many advantages over other states for building an LLC. It has no state income tax, filing and reporting costs are low, members' privacy is assured, and it has charging order protection laws.
Wyoming LLC Benefits Anonymous Formations. Low Fees. Nation Leading Asset Protection. No State Taxes or Forms. Flexible Ownership. No Residency or Travel Requirements. Close LLCs Available. No Minimum Capital Contribution.
Certain investment firms are authorised to hold your money and investment on your behalf in their own name ? that is providing 'nominee services'.
A Wyoming LLC offers its members and managers a high degree of protection from lawsuits. And doing business as a Wyoming limited liability company allows you to maintain your privacy while also allowing for asset protection.
