Silly question maybe, but can I buy a property in NY with a NJ LLC? Trying to save the LLC cost which can be upwards of $1k.
Yes, you can. Not sure about NY and NJ, but up where I am I would need to pay the filing fee for the state of formation of the LLC and then pay an additional "foreign entity" fee in the state doing business, so it might end up costing you more.
Yes you can but sometimes you need to register your LLC with that state in order to own property there.
Still think it would be better to open a new LLC in the state of the property.
It could be owned by your current Nj LLC. member managed and passthrough for taxes.
NOT Advice. just points to discuss with your team.