Virginia Beach, VA · Member since 2018 · 14 posts · 3 votes
Hello. I live in VA and intend to buy property in GA. I currently hold my rental in VA under an VA LLC. Is it best for me to open a GA LLC for the GA property or can I transfer the GA property into the VA LLC after closing? Any info helps. Thanks!!
Best to have the LLC in the state you are doing business but since you already have an LLC as long as you foreign qualify it in GA it will be about the same cost and same everything else, it will just put both your properties in the same LLC
Best to have the LLC in the state you are doing business but since you already have an LLC as long as you foreign qualify it in GA it will be about the same cost and same everything else, it will just put both your properties in the same LLC
Many states LC's have very similar protections and similar tax / reporting requirements, but there are subtle differences that will effect outcomes of worst case scenarios, should you have a legal challenge somewhere. Best to speak with an attorney that can guide you to the best LC. Take a look at the UT LC - cost is super low (under $200, compared to CA at over $800), you can register the LC yourself on the state website, renewals are super cheap - less than $20, and you can get a registered agent here pretty cheap also.
You have to either have the LLC formed in the state where you are doing business or register as a foreign entity there so that you can be taxed and sued in that state, among other things. You cannot avoid GA law or taxes by setting up your LLC in another state. You will just be accomplishing the same thing with more expense since you will be maintaining the LLC in 2 states. Your only consideration is that you already have the VA LLC so you do not necessarily need to set up a whole other LLC if you do not want to. For what it's worth, VA has pretty good protections and is less expensive than Utah. None of which will help you if you get sued in GA.