All Forum Posts by: Pratish SHah

@Chris Levarek:

I could never ( compare NC to Cali) !!!

The more I read up , the more I realize how crazy California laws are.

Yeah I am planning to use a third party service as a registered agent.

Thanks.

@Cole Simpson thanks for the info. I am new to BiggerPockets and am amazed at the support I am getting here.

I was concerned about NC because I heard that Cali requires that LLC be registered in Cali just based on the residence of the business owner. I might have understood it incorrectly.

I appreciate your help.

Pratish.

I have a property in Ohio which I plan to transfer into an Ohio LLC ( single member ) . But I might soon be moving to NC permanently. I do not plan to use this LLC to do any business in NC.

Will I have to register my LLC with North Carolina just because I will be residing in the state? If I have to, then what sort of costs / fees/ expenses am I looking at?

Thank you.

Pratish Shah

Newbie real estate investor :).

@Natalie Kolodij Thanks so much for the information. 

I and my wife own a condo and have used it as our primary residence for exactly 3 years. We own the condo without any mortgage. I will be moving the condo into an LLC (a single member LLC with me being the only member) and then renting it for two years. One of the plans is to sell the condo at the end of two years if it appreciates enough. Hear are the issues.

1. Will I qualify for the 121 exclusion (and therefore wont have to pay taxes on the gains). 

2. Will transferring the property into an LLC be an issue. Will I be able to pass the ownership test of this clause of the IRS.

3. The condo is currently owned by 2 people (me and my wife) and will be transferred to a single member LLC (just me). Will this in any way affect the 121 exclusion? I am not too worried about the exclusion amount of 500,000 vs 250,000 since I dont expect my gains to be that much.

 

Thank you all in advance.

Pratish Shah

Budding real estate investor.:)