Foreign Entity

5 Replies

Hey BP,

In the past 6 months I have formed an LLC in the state of PA. The goal of our LLC was to originally to solely to real estate transaction in PA. A few months in and we have not completed any deals and there hasn't been much movement with the business. This is largely because, life happened. I got engaged, work is hectic and I'm in the process of purchasing a family home. As mentioned the business fell by the waist-side. My partner and I are now looking into NJ for some future ventures. The process of becoming a foreign entity is a bit over my head. I realize and will be contacting an attorney, but I hope the BP family can give me some insight before I continue to shell out more and more money. Thanks

At one time I had a Nevada LLC doing business as a foreign entity in NJ, for asset protection purposes. As I recall, it was just a matter of paying $125 to the state of NJ and filling out some paperwork. This link should be helpful: http://www.state.nj.us/treasury/revenue/gettingregistered.shtml

I believe you meant to write "by the wayside."

As far as registering a foreign entity, it's nothing more than filling out some paperwork and paying a few bucks to the Secretary of State's office. Depending on the state, it can happen in a few days, or up to six weeks. Some states are MUCH better than others.

Thanks Joe and Leon,

Joe, you exactly right. I spoke to the department of state.

Leon, thanks for the wayside correction. I don't believe I've ever written the expression before.

Originally posted by @David Burlock :

Hey BP,

In the past 6 months I have formed an LLC in the state of PA. The goal of our LLC was to originally to solely to real estate transaction in PA. A few months in and we have not completed any deals and there hasn't been much movement with the business. This is largely because, life happened. I got engaged, work is hectic and I'm in the process of purchasing a family home. As mentioned the business fell by the waist-side. My partner and I are now looking into NJ for some future ventures. The process of becoming a foreign entity is a bit over my head. I realize and will be contacting an attorney, but I hope the BP family can give me some insight before I continue to shell out more and more money. Thanks

Even though you did not engage in business in PA, make sure you file the proper required filings in PA for your LLC. If you ever decide not to use your LLC, make sure to close the LLC properly so that you are not later served a demand for back fees and penalties for not filing in the required timeframe.

Better get a god business lawyer to sort this out for you. Good luck.

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