Nevada

[Scott Houin]

I setup my LLC in Nevada(i live in Missouri and run my real estate business in MO) because I was told by a good sales guy that this the best way to be protected from being sued. At the time it was a part of my coaching package, so i went with it.

When my renewal time came around I found out that I would would have to pay renewal fees. Missouri doesn't require any fees.   Moreover, I found out that i would also have to continue to pay an organization(attorney) to file all my docs and i couldn't do it myself. So total the fees end up being about $500 a year, when i only have 1 property, which is in MIssouri.  

I went to a local Lawyer to see if i could change my entity around and he was going to charge me around $1200 to do it and he mentioned that there would be tax issues and i would have to set up a new entity in MO and transfer assets. 

I feel stuck and think it was a bad choice to set my entity out of Nevada. Are these fees normal for an LLC? Am I getting over charged from attorney's? Is the extra protection worth these annual fees? Should I just call an attorney and cpa and get this fixed and take my losses?

[Kimberly Farrally]

We registered our LLC in WY. We don't have all these fees. The only thing I have to do is renew my registered agent every year which is $25. And, I do all my own filings. I was told by our RE lawyer that if we wanted to start having properties in MO that we would need to registered in MO as well. Not create a new LLC, but just have it "registered" with MO as well. Which he said was like a $100 one-time fee or something like that. A simple form he would help us fill out and he would file it and be done. One-time deal. He charges $300/hr.