I am a member of a soon-to-be-formed four member LLC. Each of the members resides in a different state (VA, TX, MO, WI). We're content on forming an LLC because we're not seeking any funding in the near-to-medium term (if ever) and, in the short term, are going to be self-funding our operations.
I've read the many FD discussions on LLC vs C/S-Corp and it only reinforced our decision to stick with an LLC. Any conversion would be *many* years down the road, if ever at all.
At the moment I'm leaning heavily towards forming in Wyoming vs. any one of our individual states (already have a potential registered agent in WY).
As noted in other discussions, forming in a state other than our "operating state" would incur some extra overhead since we'd have to register in the state we're doing business anyway. The problem is that we will each "conduct operations" in our own state, which makes me think that, regardless of where we form our LLC, we'll each have to register in our own state anyway. One person could take advantage of having the operation in their respective state, I suppose.
I have formed (and dissolved) a Virginia LLC in the past and it was pretty straightforward because both members were initially VA residents, so that's a possibility, but I'm trying to keep the burden even among everyone.
Does anyone have advice on how to handle multi-member LLCs with each member conducting business in another state? And by "conducting business", I mean we all work from home in our respective states.