Hi everyone, I have a question about forming an LLC.
I live and work in Ma and have one rental property in MA, I plan on adding to and building my rental property business in Ma also. Ma state LLC filing fees are $520 and RI are $150. Could I file in RI and run my bisiness in MA? I live close to the RI boarder so I could get to a post office for a PO box fairly easily. Also is an LLC the way to go for a rental property business? I would like to get business financing at some point. Thanks for the help.
It is possible to set up an LLC in one state to do business in another state. However, the LLC is subject to the laws and regulations in the state you are conducting business in. This means you will have to foreign file (register) the LLC in MA if you set it up in RI, in which case you'll have to pay registration fees for MA. LLC's are a good way to hold property, but not the only way. You should check with an experienced RE attorney before putting these into entities.
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