LLC formation for newbies

4 Replies

Hi all, 

I am negotiating to purchase multi-houses portfolio in Las Vegas

Although, there are tons of reference on BP about this, but have a specific question. 

1) Is there any difference for LLC structure formation for US citizen and non-US citizen residing outside US.

2) Which is the best state to register LLC company to benefit from minimum tax and annual registration charges. E.g Delaware

3) What all charges should be considered before LLC formation.

4) Will there be different structure for single named LLC and partnership LLC.

Any guidance in this regard is appreciated. 

Thanks and regards

Dilip Gandhi

An LLC in Nevada is just as effective as Delaware. It's not difficult to create an LLC anywhere, but imo, your use of it should be fully understood.

I'm in Calif and created a Nevada LLC for holding property, mainly in Calif. To do that, the NV LLC needed to be Foreign Filed in CA - - and that's where the expenses took off.

Unless you hold several properties, the LLC will eat into your cash flow, complicate your annual legal processes and only provide personal legal immunity. I ended up tossing the LLC and getting an umbrella policy for $10mil.