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William Kim
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Real Estate Attorney Consults? LLC Setup for CA Resident for Out of State Properties

William Kim
Posted Jan 26 2024, 12:48

Hello good people!

I was curious if anyone had any great & affordable real estate attorney contacts to consult for LLC setup? One of the things that I'm running into, is trying to figure out how to setup entity structures to avoid the $800 CA franchise tax fee for every LLC you open (regardless if it's in-state or out-of-state). It would be great to avoid this as I wouldn't want this to keep adding up as we start acquiring more deals and creating new LLC's and paying that price each time! Any clarity on this would be great!

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Joe Homs
  • Flipper
  • Mission Viejo, CA
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Joe Homs
  • Flipper
  • Mission Viejo, CA
Replied Jan 26 2024, 13:41

@William Kim I would reach out to Anderson Business Partners or watch their youtube videos. You can use a Land Trust to hold properties in California without paying the $800 fee or check into a Wyoming type LLC that does the same thing.

Good Investing...

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Sean O'Keefe
Pro Member
  • CPA | California
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Sean O'Keefe
Pro Member
  • CPA | California
Replied Jan 26 2024, 15:36

I'm based in California - following

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Katie Balatbat
  • CPA and Attorney
  • San Diego, attorney
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Katie Balatbat
  • CPA and Attorney
  • San Diego, attorney
Replied Jan 26 2024, 16:09

@William Kim

I'm based in sunny San Diego and would be happy to give you some leads - send me a message if interested.  As to avoiding the $800, it's pretty difficult to do.  Look up how the FTB defines "doing business" in California and you'll likely see that it is pretty broad.  Additionally, California does not recognize series LLCs as other states may do.

*This post does not create an attorney-client or CPA-client relationship.  The information contained in this post is not to be relied upon.  Readers are advised to seek professional advice.

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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
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Nate Meeker
Tax & Financial Services
  • Real Estate CPA | California
Replied Jan 30 2024, 08:42

@William Kim - Talk to @Katie Balatbat, she knows her stuff.