in-state LLC, out-of-state LLC and investment properties?

Author Message
Icon Mini Profile tigerfamous





Joined: 11 Jul 2009

Posts: 57

6.76 Dollars($)
Post Posted: Sun Jul 19, 2009 10:27 pm    Post subject: in-state LLC, out-of-state LLC and investment properties?
Like
Dislike

Hi,

I have some out-of-state investment properties in different states. I would like to have my LLC to receive rents. If I have a LLC in my home state, can I use this LLC to manage the rents for those out-of-state investment properties? Does this LLC need to be qualified in the states where my investment properties are located?

As to investment properties, is an in-state LLC better than out-of-state LLC? would any other company structures be a good choice for out-of-state investment properties?

Thanks.
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
261.85 Dollars($)
Post Posted: Mon Jul 20, 2009 4:50 am    Post subject:
Like
Dislike

Hi,

The LLCs need to conform to the laws of the particular state where they have been set up. An in-state LLC is not allowed to carry out financial activities out-of-state. Thus, it is better to have an out-of-state LLC to manage the investment properties. However, an in-state LLC can carry out financial activities out-of-state, provided it obtains foreign qualification in the state as a foreign LLC. You need to fill out certain forms and pay some fees in order to do so. I suggest you to consult an attorney to know more about it.
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.787 seconds.