Help Me With LLC Questions
I am about to set up my LLC in CA since its where I live and I am set to close on 2 properties next week. I want to transfer both properties into my LLC for protection against my credit. Is this a good/possible thought I have? How can I do this and is CA, NV, or DE the best/cheapest place to set up a LLC? NV, you pay no LLC state taxes correct? CA is $800 a year min. correct? Anyone else buy properties and then transfer them into the LLC name?
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If the property is in CA or you are a resident of CA, CA will tax your net income. I believe the $800 is a tax on the LLC but, as a member, you still need to pay tax on your share of the net income, whether the LLC is organized in CA or not.[ Edited by blueford on Date 10/30/2004 ]