Hello, I've got a legal question, it may be a bit off-topic but maybe someone has an answer to this. I have a Wyoming LLC, need to register it in CA. Secretary of state website tells me to file Form LLC 5. One of the steps is to check beforehand if the business name is taken. Of course it already exists in CA.
Now what? I just paid good money to keep my LLC in good standing in WY. I'm searching for a way through/around this. It's a bit urgent since I entered an important contract in CA and can't receive a bank deposit before I get this solved. Any recommendations?
Create a new LLC in CA. The fees for creating one and registering a foriegn one are (I think, haven't double checked CA) the same. There may be reasons to have a LLC in Wyoming or somewhere, but it doesn't help if you're going to invest in a different state. For that matter, LLCs are just for asset protection, and, if you have assets that need protection, you should consult with an attorney who can understand your specific situation and properly advise you.
@Roland Craeye , I have never registered an out of state corporation in CA. In at least one state that I have done that I had to list my corporation and add something to it like another name or an X etc. The name was similar enough to mine so you could recognize it but different from the name in the other state. In effect you are not creating another LLC you are just registering it, and your registration will show your correct name and you will just do business under another name. Like Smith Rentals a Limited Liability Company created and existing under the laws of the state of Wyoming, doing business as Smith Quality Rentals . It is something like that as I recall. It has been a few years since I have done it. I cannot believe that CA has not had this problem and addressed it. There should be a help guide to get you through it.
This topic interests me as well because I'm Inc. in Delaware but there's a ton of info I didn't know prior to Inc. and I'm sure there's a heck of a lot more info. I'm unaware of. From what I gathered you need to have Foreign Qualifications to do business in any state, other than the one you're Inc. in.
In order to meet these Foreign Qualifications CA requires a Certificate of Authority and a Certificate of Good Standing (from the state you're Inc.). There are also CA franchise tax that I'll have to pay, on top of the franchise tax I'll have to pay to the state I'm Inc. at. as well.
If anyone has anymore info. to add to this topic, I'd love to hear if my comment sums up CA Foreign Qualifications or is there a lot more to it.
Curious to see how this all worked out. I am in a similar situation, LLC is in Idaho, closing on a house in 2 weeks in New York. Just got a letter today from the Div. of Corp in NY that my LLC's name is too close to one in NY, so we have to do a fictitious name under which we will do business in NY. Once that is approved, do I have to change the details on the contract to the fictitious name? What about the funding, would the buyer change on the paperwork to that new name?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing