Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply presented by

User Stats

1
Posts
0
Votes
Kevin Crozier
  • Austin, TX
0
Votes |
1
Posts

Do I need foreign LLC for out of state rental properties?

Kevin Crozier
  • Austin, TX
Posted

I live in Texas. I am purchasing rental properties in a different state. The properties will be managed by a local property manager. I have formed an LLC in the state where the properties are located to hold the properties.

Next, I would like to setup a bank account in the LLC name to receive the property manager draws. I submitted the LLC certificate, Operating agreement and EIN information to the bank. They believe I need a foreign LLC certificate here in Texas to set up the bank account.

Do I?  All of the business related to the properties will conducted in the state where the properties are located.  The only thing that happens in Texas is the fact that I live here and the bank branch where I am setting up the account which will receive property manager draw is in Texas. 

Thanks,

Kevin

Loading replies...