If I live in one state but am buying income property in another, in which state should my new LLC be located in?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I live in one state but am buying income property in another, in which state should my new LLC be located in?

Asked on June 28, 2017 under Real Estate Law, Idaho

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

There is a slight benefit to creating it in the state in which you will own the income property. Fundamentally, LLC law is the same across all states--there is no real difference for any practical purpose. However, while you can have an LLC created in state 1 transact business in state 2, because the LLC from state 1 will be "foreign" to state 2, you will have to "register" it in state 2--so you will do sets of paperwork: creating it in state 1, registering it in state 2. If instead you create it in state 2, where the property is, you don't have to separately register it, saving yourself a tiny amount of additional time and effort.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption