I am also going to advise you meet with a tax professional that understand both NY and NJ state tax implications.
Without spending too much time researching this, off the top of my head, I am leaning towards setting up two separate LLC's.
- NJ does not allow for a PLLC
- The NY PLLC statute requires specific items be addressed in your articles of organization that would not be applicable for your NJ practice.
- I think setting up two separate LLC's would minimize your NY tax liability, but can't say for sure since we don't have anything to go on.
- NY is very aggressive in claiming revenue on nonresidents that work in NY. This has really come to the forefront as a result of the pandemic. That is the reason for my preliminary thought on separate entities.
- Spend the $$ upfront to make sure the decision(s) you make are the best for your vision of the business. Not doing so, could cost significant headaches and $$ down the road.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
