Updated about 7 years ago on . Most recent reply
Wholesaling out of state , does my llc need to be in the state?
I am in the process of starting a nationwide real estate wholesaling business. I do not want to limit myself to deals in the local marketplace because my local marketplace is extremly competitive and expensive and I wish to go out of state to not limit my pool of deals.
My question is: I set up a wyoming LLC (because everyone says its good for protection). My funds are limited and I really dont want to open up 10-20 LLCs under my main wyoming llc in each state I do business in. Do I have to set up an LLC in each state I start wholesaling. Or can I just have 1 out of state LLC and use that. As It is cost prohibitive for me to set up all these LLCs since I am just starting out.
I physically live in Los Angeles, Ca.
Any tips are appreciated.
Most Popular Reply
My understand is that as a CA resident you have a nexus in CA. So if you have an LLC in Wyoming you would need to register it in CA and pay the taxes to CA. Perhaps @Linda Weygant can shed some light for you.