Nevada LLC

Hi
I’m a bit confused regarding LLC’s and asset protection. I live in California and am I am in process of buying 3 SFH in Arizona, Colorado and Texas. I worked with a Nevada company that recommended a Nevada LLC and landtrust as an asset protection strategy. I just created the Nevada LLC. The single family homes wil be held in my personal name. Some of the previous discussions in this forum suggest may be I would have been better off with a California LLC. My questions is where do I go from here. I plan to buy more properties wherever I can find good deals so it’s likely i will have several properties in several states including California. I would like to be able to buy my next properties using an LLC and have tax benefits as well as asset protection. Do I need to form a second LLC if so in Nevada or california. Or do i need a series LLC. Will appreciate any suggestions. Finally what is best way to establish business credit in a newly formed LLC.

what’s the point of the LLC if you’re going to own them in your own name? That’s what entities are for.

I signed the contract for the three properties before the Nevada LLC was formed. I now realize I still have to pay the California $800 tax since i will be running my real estate business from California. Hopefully the lenders will allow me to transfer the titles from my name into the LLC. The question is would I have been better off with California LLC. Should I form a California LLC. if I form a California LLC, should I dissolve the Nevada LLC. Can you explain to me the advantage of having a Nevada LLC if i am running my business from California-still have to pay California taxes. Also I’m interested in mostly preconstruction investments would a LLC/landtrust setup be the best asset protection structure.

You have run into twoe my my classic arguments for why Nevada entities are overrated: you must avoid nexus in your home state and the hassle factor.

If you’re going to pay CA taxes anyway, you might as well avoid the foreign registration requirements, reporting to two states and dissolve the NV entity. (reduce hassle, increase taxes)

However, you may have an alternative.
Open a NV bank account. Tax the LLC as a C-corp (which avoids LLC income appearing on your personal tax return). Establish a business address in NV (mail forwarding company)and operate it from there. Basically avoid anything that ties the LLC to CA. This may avoid CA nexus, and CA taxes. (reduce taxes, increase hassle)

Note that I said “may”. Companies share so much information these days that it’s hard to keep anything secret anymore.

Go check out www.executivesolutions.biz

I have decided to keep the Nevada LLC. I am setting up a home office in California as sole proprietorship with as large umbrella insurance policy I can afford. I plan to use my LLC for long term holdings in multiple states and I realize I may have to file to do business in those states depending on the state laws. I will use sole proprietorship for real estate transactions and rental income collection. My question is what address and phone number would be best to put on my business cards and stationery-should I just use the address of resident agent for the LLC in Nevada. what about phone number-can I use a Nevada mobile phone number with the bill forwarded to local PO Box here in California.
My question is does opening this mailbox in LLC’s name mean I have to pay the $800 Ca franchise or register in Ca. Ideally I want to use a local California number and address for my Nevada LLC but does paying the California franchise tax allow me to do that or do I need to register with Ca SOS even if I am not doing business in california?what address and phone number should use for business credit applications