Rich Dad Advisor Book - Wyoming or Nevada Incorporation

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Rich Dad Advisor Book - Wyoming or Nevada Incorporation

Christian Bowen
Rental Property Investor · San Luis Obispo · Member since 2020 · 11 posts · 3 votes

Hi Everyone,

I read the "Start Your Own Corporation" book from the Rich Dad Advisor Book collection and I was interested in incorporating through a Wyoming or Nevada LLC to utilize the charging order protections in those states. This LLC would be registered to operate in California for Real Estate. Has anyone actually incorporated through Wyoming/Nevada LLCs and found the extra protections helpful? Or maybe not as helpful as advertised? Thanks!

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  • Nathan GesnerBusiness Member
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    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    I think the protection is over-rated in many cases. You can probably protect yourself just as well with an umbrella insurance company whereas an LLC requires the initial filing, annual fees, and tax preparation. While an LLC gives you a small amount of anonymity, anyone can look up the original LLC documents online and see who the owner is. If I can find the owner of an LLC, you bet your bippy an attorney can track you down, as well.

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  • Greg ScottPro Member
    Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
    5y

    Eye roll.   Should everyone have a reinforced steel bunker under their house with 2-years food and water?

    This setup may be what you need or it may be complete overkill.  With this setup you can expect annual filing fees in both states plus the use of a Registered Agent, which may cost you.  For additional fees, I'm sure the company will help you manage all your annual filings.  For many newbies, this a whole lot of overhead to protect almost nothing.

    I'd talk with an attorney that has expertise in Real Estate in your state, with whom you can discuss your specific situation.  

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