Where do i create my LLC?

Question

I live in NYC, but own a property in NJ. I am refinancing and need to move the property into an LLC. I was going to name the LLC by the address, but wanted to know advice on if there is a prefernce to open LLC in NY or NJ. Again, property is in NJ.

Nathan Gesner · Answer

I'm not sure why you feel the "need" to move the property to an llc, but if you are going to do it, then registering in Wyoming is an easy solution. Do a Google search for "registered agent Wyoming" and you will come up with many options. I've personally used Wyoming Best Registered Agent out of Sheridan. It cost $200 to create the LLC, get a tax ID and your first year filing. I believe it took 15 minutes to complete.

Kumar Sandjeev · Answer

For my companies I use a Wyoming registered agent for to create a holding company for other state filings.

Nate Marshall · Answer

I have used www.wyregisteredagent.net and www.wyomingcompany.com for all of mine.

Chris Mandle · Answer

@Mor Haffman Yes I am interested in selling and dont have an agent yet.

Mor Haffman · Answer

@Chris Mandle

Are you looking for a great agent to sell your 3 family?

Shawn Mcenteer · Answer

@Chris Mandle  I do it all through my real estate attorney.  A lot of this stuff you can figure out yourself online through legal sites but that's why I have my attorney so I don't have to spend the time figuring it out.

Jason Taken · Answer

Seamless way to would be to have the LLC in the state of the property. If you are "transacting" in a state, some states (mine in particular - Illinois) require you to file an "authority to transact" business which in some cases costs more than the LLC itself. Best to speak with local counsel on your most cost effective options.

John Walter · Answer

@Chris Mandle As the others have said, it really depends on what you want. That said, why are you only considering NY or NJ? Your LLC can be formed in any state you wish. For example, more LLCs are formed in Delaware than any other state, and for good reason: business friendly, does not tax out of state income, low filing fees and separate court called Chancery Court.

Take some time to research the costs/benefits of different states and make the best decision that works best for you.

Peter Mckernan · Answer

@Chris Mandle I would think about how many properties you'll have in NJ or NY? If you have plans to build a portfolio in NJ then I would say an LLC within that state. If you plan to just have one there and then the rest in NY I would say LLC in NY.

Jonathan Soto · Answer

just depends your long term goals. if you want to continue to own in nj and then have a corporation and then that company own the rest of the llc which own the properties then open it up in NJ. i know the price for each state is different to keep llc open.  i would get nj address as well if you plan to think long term