Flipper/Rehabber · Fair Lawn NJ · Member since 2016 · 382 posts · 87 votes
Can anyone advise the best method to set up an LLC in New Jersey? Looking to invest in the north jersey area. Any website or reputable resource would be welcomed!
You will also need to get an EIN from the IRS. The whole process for all of that takes 20 minutes. That being said maybe talk to an attorney to make sure it’s the right business structure for you.
You will also need to get an EIN from the IRS. The whole process for all of that takes 20 minutes. That being said maybe talk to an attorney to make sure it’s the right business structure for you.
Attorney · Austin, TX · Member since 2014 · 1k+ posts · 932 votes
7y
Hey Christian!
You account shows that you are from MD, so you will also need to take into account that you will need to take care of the foreign filing and fees involved. I would encourage you to at least chat with an attorney to ensure that you create and operate the entity correctly, since the will be different annual requirements for LLCs between different states. You will also need a Registered Agent.
One option I have seen investors use to work around the foreign filing fees is to transfer the out-of-state property into a Land Trust, then assign the LLC [from the investor's home state] as the beneficiary. This still offers the liability protection of the LLC, but since the Land Trust is considered the entity that is "doing business" in the state in question you aren't required to pay the additional foreign filing fees.
An attorney with real estate investing experience should be able to talk about some strong strategies that can help you forward if you meet with them.