I am about to start my real estate investing career and I want to start things out on the right foot. I currently reside in utah but I have been looking in to LLC's, particularly those of Nevada. It looks as though Nevada offers the best benefits overall. Does anyone with more knowledge have some suggestions on the type of LLC I should open? I am a buy and hold investor, looking for long term wealth. thank you ahead of time.
I would ck into Wyoming LLC they tend to have about the same benefits at a much lower cost.
You need to be aware of this:
A company that engages in business in a state other than the one where it was formed may have to qualify to do business in that state. An LLC or a corporation is "domestic" in the "state of organization," or the state where it started. A company can engage in business in a domestic state without having to undergo qualification.
A foreign LLC or corporation may have to qualify to conduct business in another state if its business transactions meet certain requirements. The term "foreign" describes an out of state business rather than a company that originates outside of the U.S. Read along as FindLaw outlines the differences between conducting business as a domestic or foreign company.
@Mahonri Bussey you might look carefully at the LLC laws in Utah. There are some nice things about Wyoming and Nevada LLCs, but when they register or do business in a state other than their own state they become subject to the laws of the state they are doing business in. Since you will have double the cost when you are registered in two states see how much of a difference it really will make.
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