Hey @Hattie, I have a question about LLC formation?
Hey @Hattie, this was the question I was trying to ask earlier (copied and pasted from the question):
Ok, so hi, I'm new to these forums... :-)
I live in NY and I want to form an LLC in NJ. I will be moving to NJ in Oct/Nov anyway but mainly because, as we all know, NY has the ridiculous law that forces you to "publish an article in a newspaper" about your new business within 90 days of forming the LLC, which can cost hundreds of dollars.
My question is: If I filled out the NJ LLC document online, and used MY NEW YORK address as the LLCs primary address will I STILL have to form a foreign LLC in NY? I'm trying to avoid forming any LLCs, whether domestic or foriegn, in NY.
If necessary, I won't do any business AT ALL after I've formed the LLC if that will accomplish my goal. Also, what if I get a PO box at the USPS or UPS. Can I use THAT as my primary address for legal docs etc and on my LLC application? As you all may or may not know, USPS PO boxes now are formatted as street addresses (ie, not "P.O. Box 12345..." but "1234 Any St #12345, Any City, Any State, 12345 where you use the physical address of the USPS branch and the number is your PO box)
Just as a disclaimer: I DO have a registered agent. This question is about the "Primary Residence" of the LLC or the "Registered Address" as I think it's called.
Can someone please tell me if there is a way to accomplish my goal? I live in NY but I want to form an LLC in NJ but NOT have to form a foreign LLC in NY. And I know I could just "wait" but I tend to have issues with "taking action" so this is more of a personal thing for me and I really want to do it as soon as I can. Thanks for all of your help.
-Gina
The simple way to do this is to not even get an LLC in the first place. You really dont need one.
See Gina...I told you someone would answer you! Curt is way more of an expert on all things real estate than I hope to be in the next decade, at least. ;-)
The questions you are asking are very, very state specific. Texas is an extremely easy state to do business in. LLC's are easy to create and cheap to maintain. I can answer your questions, but only in how they apply in Texas, which isn't going to help you much.
In this case, I would ask...what is the driving need to form an LLC? I have one because I have multiple partners, so it just makes it cleaner. But, again, it's Texas, so it wasn't a big deal to do it. Even if you feel the need to have an LLC, can you just operate outside of that entity in NY? It seems, that if NY makes it that difficult to form and administer an LLC, why not just operate as a sole proprietorship using a DBA, which even in NY shouldn't be that difficult to acquire.
My guess is that you are wholesaling, so Curt is spot on...there is no need for an LLC. As a wholesaler you shouldn't have a lot of risk in what you are doing.
Hi Curt,
Well the reason I wanted an LLC was because I've been told I was going to need one. I'm going to be getting into note investing soon (and then eventually into other parts of RE like buying and holding properties/landlording). So far everyone I've spoken to on the subject has told me to get an LLC for this purpose. Are you saying I don't need one? If so and if you don't mind, please explain why?
Hi Hattie,
To answer your question, I want am LLC because as stated above, I've been told I'm going to need one when it comes to notes investing and landlording. Eventually I will be doing business with other people/partnering on projects, but if you're saying I don't need an LLC, like Curt, can you please explain why?
Thanks to both of you guys for responding