Updated over 7 years ago on . Most recent reply
Where to set up my LLC
I am setting up an LLC. I live in Georgia. At first, I am just going to be wholesaling. If I set it up the LLC in Nevada, the annual filing fees well exceed Georgia's fees. I do not think I need to file as a Foreign LLC due to GA's Code 14-11-702(b) but I think I am still required to obtain a business license. I expect to move into flipping homes within a year. Should I still use the same LLC? Where should it be Nevada? Georgia? I would still be taxed in the state I live on any LLC, even if I choose the S election, because the income would flow through to my tax returns. I guess what I am asking is what is the deal with Nevada? Okay, privacy is nice, but if I am just a member, I achieve that anywhere. I read that a partnership owning an LLC is the best liability protection. Should I set up the partnership now, where? Do I then set up the LLC in Nevada, owned by the partnership, when I start flipping? Any help weeding through this is appreciated.