I need to start an LLC and a S-Corp. any advice on the way to get these set up? I want to buy my first property using a LLC.

@Jose Pena, @Ned Carey is spot on with his post. For additional piece of mind you can reach out to an attorney for a small fee and they can set it up for you.

@Scott Smith This is exactly what I'm trying to do, but can't seem to wrap my head around how I should setup a series LLC within a trust for anonymity. I'm in NC so I don't know if that affects the situation at all, I'd love to discuss further in order to get setup properly the first time before beginning my investment portfolio. PM me; be more than happy to pay for your time for a phone call to discuss/walk through what needs to be done correctly. Thanks, Tim

@Ned Carey was right on with the comment about creating the LLC first, then electing it as an S-Corp. I would always form the LLC in the state that has the least filing requirements and least amount of yearly fees. You can check out https://www.llcuniversity.com/llc-annual-fees-by-s... to see what these fees would be for different states. For the concerns with foreign filings you can place your property into a land trust, and in doing so you remove the requirement to complete the foreign filing for the LLC if it is in another state. There are many investors who establish an LLC or Series LLC in one state and then place real estate from other states under those entities through the "channel" of land trusts - you would only need to pay the foreign filing fees in the case the land trust gets revoked (if there was a law suit, for example.) You would just need a registered agent in the state you form the LLC in and they should be able to help you meet the rest of the requirement. The land trusts can also be utilized to remove your name from public record for a given property, as you can have your attorney sign as the "nominee trustee" of the land trust, then have yourself become the "trustee" after the signing is done - per the language you use to form the land trust. Just another way to avoid unwanted attention to yourself. (The same thing can be accomplished with a different type of trust to keep your name anonymous for the actual LLC, also.) The OP of the thread would still need to deal with the franchise tax from CA, there are other strategies to work around that fee while still keeping your assets protected. But I'm not sure if Jose will be back.

@Jose Pena, did you manage to find your answer? We're going through the same process right now and are inclined to create one LLC per property with a Corp as controlling entity. Even though some states do not require you to register the entity on that state (in Ohio is preferably but not mandatory for example), if you would to have any legal issues, you would need to be registered to conduct business in that state. So my personal view is, have the LLCs in the states where the properties are to start with and you will save you issues down the track!

Talk to an attorney so you can make sure you get them set up correctly

@Ned Carey thanks for the info! I’ll check them out.

@Jose Pena most states require you to register your out of state LLC (Foreign LLC) with the state in order to do business there. S0 there goes any privacy or advantages from LLC friendly states like NV. This is why you might as well just set up an LLC where you do business and not bother with one in your own state if you don[t do business there. An LLC can make an election to be taxed as an S corporation. This way you have an LLC with the taxation of an S corp. NOLO Press has very good website and books on entities and how to run and form them.

How do I start an LLC ?How do I start an LLC ?

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How do I start an LLC ?

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