I am a newbie here... I have been studying for a few months now, and am ready to form my LLC for my Land Investment company.
I have a few questions that I am hoping you can help me with:
1. I will be conducting most of my business in California. However, there could be potential opportunities in other states....
a. Should I create my LLC in California? And if/when the expansion to other states comes around, file as a foreign LLC?
b. Should I consider forming the LLC in Delaware or Nevada?
i. "Many people choose to form an LLC in Delaware because of its history, experience, popularity and pro-business climate. Nevada has also gained popularity due to its pro-business environment and lack of a formal information-sharing agreement with the IRS. Nevada does not have corporate income taxes, and Delaware does not tax out-of-state income. Business filings in these states can usually be performed more quickly than in other states." --- From Legalzoom ---
2. I plan to run the buying "arm" (land acquisition) of my business under a dba.
a) the selling "arm" will be under the LLC I create. Would this require 2 separate bank accounts, or does one bank account (under the LLC ) suffice?
THANK YOU ALL IN ADVANCE!
Welcome to BP. You don't need an LLC to buy investment property. This topic comes up quite often in the forums. Search the site and read previous posts. You haven't made an investment yet but you want to set up a complicated business structure that may not meet your needs if you start buying property. You won't even know if you like real estate until you get started. Concentrate on the first deal, then the second. Then, if you decide to set up an LLC, at least you will be able to establish one that is appropriate for your business.
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