Specific LLC questions on Wyoming Holding Structure

[Julie Sisnroy]

After researching LLCs (the opinions vary as much as what kind of pizza is the best...so I don't want to rehash that), but I have decided to go with a WY holding LLC. Now, I need to create separate operating LLCs under the 3 states where I own property (WY, FL, and MO). I would need the Registered Agent, Operating Agreement, etc.

Once I set up those LLCs, how to I get them under my holding company?  I understand an asset transfer and lease agreements is required ?? (will hire attorney for that).  Is that all that is required?

I am purchasing a FL home using an LLC (no lending issues). Do I use a Florida LLC or the holding company as the name on the contract? As a reminder the only LLC I have set up at this point is the WY holding LLC. Intuitively, it seems I would use the Florida LLC. So what then goes under the holding company or is that just a legal entity?

Last, once the structure in completely set up, what is the best way to move my other assets? I assume they would all move into the respective LLCS (i.e Missouri properties go into MO LLC). I am looking for "best" advice. I have talked to RE attorneys, but even their answers vary and they often speak the legalese language I am not fluent in! Thanks!

[Ashish Acharya]

Originally posted by @Julie Sisnroy:

After researching LLCs (the opinions vary as much as what kind of pizza is the best...so I don't want to rehash that), but I have decided to go with a WY holding LLC. Now, I need to create separate operating LLCs under the 3 states where I own property (WY, FL, and MO). I would need the Registered Agent, Operating Agreement, etc.

Once I set up those LLCs, how to I get them under my holding company?  I understand an asset transfer and lease agreements is required ?? (will hire attorney for that).  Is that all that is required?

I am purchasing a FL home using an LLC (no lending issues). Do I use a Florida LLC or the holding company as the name on the contract? As a reminder the only LLC I have set up at this point is the WY holding LLC. Intuitively, it seems I would use the Florida LLC. So what then goes under the holding company or is that just a legal entity?

Last, once the structure in completely set up, what is the best way to move my other assets? I assume they would all move into the respective LLCS (i.e Missouri properties go into MO LLC). I am looking for "best" advice. I have talked to RE attorneys, but even their answers vary and they often speak the legalese language I am not fluent in! Thanks!

Your holding company needs to be the owner of the asset-level LLCs. If you hire an attorney, they will take care of that. If the holding company is not the owner, there is no holding structure. 

Once you have your entities in place, you will contribute the assets to the LLC via the quitclaim process that the attorney can help.