Thank you for your help in advance.
I have recently formed a Nevada LLC for the purpose of buying and selling land. However, the main states I will be focusing on are TX, TN, NC, etc.
My question is, do I need to foreign register the LLCs in each state that I buy land?
It sure would be nice if I didnt have to…
Thanks!
Hi,
File a LLC in each state you will hold assets! Use your Nevada LLC as a second entity in a duel member LLC in each state.
Make sure you only file duel member LLC’s, do not create a single member LLC as it has limited protections!
Texas LLC (Owned 1% and general managed by Nevada LLC and 99% owned by member ggreggerh)
Tennessee LLC (Owned 1% and general managed by Nevada LLC and 99% owned by member ggreggerh)
North Carolina LLC (Owned 1% and general managed by Nevada LLC and 99% owned by member ggreggerh)
Because of insurance, property taxes, maintenance, etc. and federal / state tax returns you will need an LLC in each state.
Make sure a good attorney writes your operating agreements for each state according to that states laws!
GR
why do you need a nevada LLC?
my understanding is that you need to file in every state you do business with in order to keep your corporate veil in place. This is only important if you were to be sued, then it is very important.
Be aware that as Gold River says…DUALMEMBER…you and your wife ARE NOT a dual memer LLC.