I am wondering how I can legally protect myself with an LLC with an out of state rental property. I currently have an LLC in Delaware, live in California and am in the process of purchasing out of state. I have a couple rental properties in California, but is not under my LLC. I created a foreign LLC in California thinking that I needed to since I would eventually be receiving profits from rental properties out of state, which I want to put the homes under my LLC. I've been reading that should have created foreign LLC in the state my rental properties are in and not in California, the state I reside in.
1. Did I need to create a foreign LLC in California for my returns from my rental properties?
2. Do I need to create a foreign LLC in the state(s) I am going to invest in?
"I created a foreign LLC in California thinking that I needed to since I would eventually be receiving profits from rental properties out of state, which I want to put the homes under my LLC."
Do you mean that you registered your Delaware LLC in California?
It is time to get a Business Attorney to help you figure out where you need to register your company, and what steps you need to take to protect your personal assets.
You likely will need to file in California as well as in DE. But yes, legal advice is best.
If you create an entity in state X, you live in state Y, and you intend to transact business in state Z, you would need to register your state X entity as a foreign business in state Z.
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