Updated over 9 years ago on . Most recent reply
Nevada
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?
Most Popular Reply
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.