I live in CA and have an investment property in Tx which I would like to put in an LLC. My CA tax consultant told me to set up an LLC where I have the property. I heard that its better to set up an llc in NV or WY and register them to do business in TX. I would apprecite any feedback from the forum.
Heard from whom? The incompetent gurus who sell DIY kits and post inaccurate junk on the internet? NV and WY have a stink that makes you look like you are up to no good.
Property in TX is subject to TX law and TX judges. If you own a NV or WY LLC that registers in TX, you get to pay two annual fees and pay for two registered agents and get nothing for the added cost since NV and WY law don’t apply in TX. Don’t forget that you create a nexus to CA if you manage the LLC or take part in operation matters. That means you must register the LLC in CA and pay the associated annual fees.