LLC Question
Ok heres my situation. I own one rental property in the state I live in (Ga) and three in Florida. I want to set up LLC'S. My question is do I need to set up two seperate ones or can I just do one in Florida and have it cover my Georgia property? Also once I set the LLC up how do I go about moving the 4 properties I have under the LLC'S name?
Thanks,
Tim
Tim,
You only need one LLC - but it doesn't have to be in either State that your properties are in or where you live. I set mine up in Delaware and I live in PA and have property in PA and NJ. Just check out the online setup - (go through yahoo or MSN and look for online incorporation) and find the cheapest State with the lowest State taxes (I think it really is DE) and set it up there. It will cost you about $300 to do it yourself and it's not hard at all.
Good luck!
DE is a good state...I would recommend (as everyone will recommend something) Wyoming and then Nevada in that order. If you have a few dollars set up a corporation in Wyoming...contact a lawyer in that state and they will do it for you.
Just an idea.
Thanks for the Info.
Tim
Hi Jjetts,
Can you describe a few of the benefits of Wyoming and Nevada? Delaware had already been recommended to me, but I hear the other states mentioned often.
Once I set up the LLC How do I go about putting the properties I already own under that LLC?
Thanks,
Tim
AN LLC has no real advantage in any given state. The state with the oldest case law would be Wyoming where it originated.
Generally if your doing any kind of active business (i.e. rentals) in a state then you have to domesticate your entity into that state and pay their fees.
Utah LLC's are like $64 a year, Oregon is around $100 for do-it-yourselfers.
Nevada and Wyoming offer some benefits if your real paranoid, need serious anonymity, and have enough business to justify the large costs involved yearly with maintaining an out of state Corp. there.
Generally conventional wisdom states "form your entity where your doing business"....
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