I recently closed on a property in NC (OBX). I'm a resident of NJ. My purchase was done via an LLC I formed to make the purchase in NC (NC LLC). Does anyone know if there's any requirement that I form an LLC in my "home" state?
This is a great question and the answer really depends on what you're doing and how the LLC is taxed because where the LLC is formed and filed will largely depend on where the LLC is considered to be doing business. The good news is that you're off to a great start having a NC LLC for a NC property because owning a rental/investment in NC will generally be considered doing business in NC and thus would require the LLC to be filed there. Assuming you haven't made a corporate election for this LLC (e.g. elected to be treated as an S-corp or C-corp) then you would generally not need a NJ LLC or to file the NC LLC into NJ, especially if this is simply a rental property.
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