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Setting up a LLC in Nevada 
9 posts by 6 users
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Can anyone suggest a good company to use to set up an LLC in Nevada, and any idea on the cost involved? |
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Edited: 06/26/2010 at 08:12PM |
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You can do it online on the Nevada Secretary of State web site. You don't need a company to do anything for you. If you want to spend some money, spend it on a lawyer to property write your operating agreement. But, you're in Washington. Unless you're going to own property in Nevada, there's not much point in creating an LLC there. If your properties are in Washington, you'll have to register the Nevada LLC as a foreign entity. Asset protection is complex. Before embarking on a complex strategy, find your own lawyer who specializes in this area and get their advice. |
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Edited: 06/26/2010 at 08:12PM |
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Jon is right. What is the purpose for setting up your LLC and why in Nevada? |
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Edited: 06/26/2010 at 08:12PM |
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I set up a self directed IRA and want to invest in notes. I was informed WA does not allow you to buy notes through your IRA. I was also told if I set up an LLC in a state that does allow it, I can then invest. |
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Edited: 06/26/2010 at 08:18PM |
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I used legalzoom for a rental in NV to set up my LLC - cost a few hundred ... as Jon mentioned, might be better to consult an attorney - sounds like your situation is a little more complex. legalzoom costs are a fraction of typical attorney fees but more for the 'self-service' type who already knows what and why they need an LLC. |
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Edited: 06/26/2010 at 08:18PM |
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How can WA have any regulations regarding IRAs? Those are federal arrangements. I'd strongly recommend you use one of the companies to set up an IRA LLC. That's not a DIY project, since there are some very specific provisions you need to avoid IRS troubles. The penalties are severe. I've been pretty happy with Guidant Financial. They're located in WA. |
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Edited: 06/26/2010 at 08:18PM |
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I agree with Jon's assessment of the choice of state, and would add that IRAservices.com is my choice - cheap and efficient. They are out of the CA Bay area, but everything is done by fax. |
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Lynda, Whatever you decide do not attempt to set up a LLC for your IRA on your own. If you pay for the setup and perform the work yourself you do run the risk of the Service finding that you made an impermissible contribution of services or assets to your IRA. Our firm has established several IRA LLCs and John is correct in that your operating agreement must contain specific language. Regarding Nevada, you do not need an Nevada entity unless you are investing in Nevada. The LLC should be established in the state where you plan to purchase real estate. WA LLC protections are very strong. |
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Thanks for your input, it appears I have more information to gather.
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Posted: 06/13/2010 at 06:12AM
