Should I open an LLC were the property is Located
Hey BP.
I have a dilemma, my partner and I are looking into investing in Texas. We want to create an LLC, but we are unsure how that will affect us. We reside in California, and my Lawyer advised us to open the LLC in Texas; however, my partner tax prepare says otherwise. She recommended opening the LLC in California since we file taxes in California and might have future issues. Have anyone been in this situation that can help out.
#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
You should be able to open the LLC either or but just register it locally where the property is.
I am in the process of opening a Wyoming LLC that will be the the beneficiary of a TN land trust. We'll my attorney is doing all this for me.
#2 Commercial Real Estate Investing Contributor
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- Dallas, TX
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#2 Commercial Real Estate Investing Contributor
- Attorney
- Dallas, TX
Local TX LLC, but you will likely pay $800 franchise fee in CA. You need local to be able to conduct business, sue, evict, etc.
We file a lot for CA residents who are investing in TX.
