Setting up an LLC
Hello all,
I just bought my first rental property and now am in the process of looking into protecting myself and my asset by setting up an LLC. I live in Washington state and the rental is also in Washington state. I know that it would be pretty straight forward to set up an LLC in Washington state, but I know it's not the cheapest state to do so. I've heard of some people setting up LLCs in different states in order to get the lowest price, but I'm wondering if that's a bit shady or if it was just something I've heard, but doesn't really happen. Does anybody have any insight into the possibility or plausibility of setting up an LLC in a different state than one lives and works in?
Thanks!