Nevada LLC Buying In Other States
I have formed a LLC in Nevada, but will be investing in NY, PA, MD and FL. Do I have to register in all theses states in order to purchase property. If so, what is the consequence if I don’t?
Robb
[addsig]
Most likely a foreign corporation fee, but I am not totally sure.
Hey joecrane,
you seem to have all the answers on every topic? Are you a lawyer or do you just spend a significant amount of time in the industry? Thanks for all your help
Hey Willa,
FL Foreign corp fee is $70.00 - www.myflorida.com
MD Foreign fee comes in a few seperate charges, somewhere between $200-350
Well best of luck, you have certainly helped me!
John,
Although the poster asked if he had to register in the states to purchase property, I think his intent was asking if he had to register in order to run an RE business such as buying property to rent. In such case, he would (in my opinion) need to register as a foreign corp to do that.
An LLC is a pass thru style corporation allowing an individual to run the entire corp and be subjected to limited liability . The benefits are just that, if conducting business and a client decides to sue, you as the owner have a limited liability thus shielding yourself and your personal assets. Also, you can choose to be taxed as a sole proprietorship or corporation, so depending on the state you can make an eductaed decision and choose the most beneficial.
In addition, an LLC as opposed to the C or S-corp can be run by 1 person. You can be the CEO, chairman, etc.