Opening a LLC for spec home

5 Replies

I had a LLC in the past for Business purposes, but I closed when moved to Tennessee. My husband an I decided to do a spec home starting this year, and I am in charge of the business and paper work.

Can someone advise me what would be better a NV or Delaware LLC? I am not sure what are the laws here in Tennessee regarding that. The bottom line is , we are trying to protect ourselves and save on capital gains. Can anyone help?

Thank you !

Good morning and much success. Why would you not create a legal entity in the state that you were in? Either way, you will still have to pay taxes in the state that you were in. Either way the legal entity will protect you from liability. what is the big deal about NV. DE is generally for corporations bur you are no where near the size its protections would offer you.    Bob  
Hi Bob,
Thank you for the reply.
Many businesses choose NV or WY due to the advantages they offer .
Here are some of them for NV:
     No state income, corporate or franchise taxes.
  • No taxes on corporate shares or profits.
  • Privacy protection for owners choosing to be anonymous.
  • No operating agreements or annual meetings requirements.
  • Low business registration fees and quick turnarounds.