Tax advantages for LLC in NY or NJ?

My partner lives in NY and I live in NJ. We will be doing business globally. We could have our offices in NJ. We would like to set an LLC in NJ, however, need to understand the tax implications for both of us. Is my partner disadvantaged at all with the LLC set in NJ rather than his home state of NY? He will have a larger % share of the business.

I believe the problem would be, if you're both actively participating, that no matter which of the states you chose - you'll have to register as "foreign" in the other one.

This question (and its answers) may help you in your research, but I would suggest talking to a local tax adviser and a lawyer.

Will you be doing business in NY- e.g., making sales there, holding regular meetings, etc.? If so, you'll need to qualify to do business there. If not, it depends on the particular facts and circumstances of your situation. If you qualify in NY, you'll need to comply with the "publication requirement"- having notice of your LLC's qualification published in a newspaper, at a cost of $600-$1600 or more.

Would being in NY mean being in NYC, or elsewhere in the state? Keep in mind that NYC has onerous tax burdens that don't apply elsewhere in the state.

I can't think of any tax advantages in either, but both have plenty of tax disadvantages, and NYC has the most tax disadvantages.