LLC in IL, registered agent for out of state
I'm in the process of purchasing a small apartment building with a partner. I reside in NV and he resides in IA, and the property is located in IL.
1. Would it be best to setup an LLC in the state of IL or one of our homes states?
2. Are we even allowed to setup an LLC in the state of IL, or are we better off setting up an LLC in Nevada/Iowa and just apply to transact business in the state of IL since neither of us are residents?
3. Does anyone have experience with option #2 and what the typical timeline for the process to apply to transact business in IL as a foreign corporation would be?
Thanks in advance!
Paul