I'm going to purchase some rental property in Oregon within the next few months and am considering forming an LLC to protect my assets--any comments on what state is best? Do you have any experience with online programs? Please share your thoughts.
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Los Angeles
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Re: forming an LLC
Tue, June 22, 2004 - 6:24 PMwithout knowing all the facts, i would form the llc in the state the property is. i've done a few online, from what i hear they are all about the same. -
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Re: forming an LLC
Tue, June 22, 2004 - 10:52 PM
Well, there are good and bad issues with that. The good part of having an LLC in your property's state is that if there is a legal problem, you're fighting it close to home.
That said, Delaware and Nevada have really good procedures for setting up LLCs, including ease of set-up, cost and protections. PLUS - those states have fantastic tax rates for corporations, and that is reason enough to go there.
Plus, you can do it online in 45 minutes.
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Re: forming an LLC
Thu, June 24, 2004 - 12:10 PM
corporation.com
incorporate.com
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Re: forming an LLC
Wed, June 30, 2004 - 8:56 PMJust for your info, you still have to pay tax in the state that the property is located in, so there is no tax savings for registering out of state, here in NY is only takes about a week or so to set up an llc, however it is more expensive than a corp to set up because of the advertising requirements. Also for tax reasons please don't buy a property in a corporation.....its a big mistake to do so for tax reasons
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Re: forming an LLC
Sat, March 19, 2005 - 5:12 PMquestion: If I form an LLC with passive income and make it non-pass through, do I have to worry about self-employment taxes when I pay myself or is it still considered passive income? -
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Re: forming an LLC
Sat, March 19, 2005 - 5:42 PMpasssive income by its nature is not subject to self employment tax whether its a pass through or not
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Re: forming an LLC
Sun, December 12, 2004 - 11:18 AManyone have a rough idea of what I can expect to pay to set up a simple LLC in California? -
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Re: forming an LLC
Mon, December 13, 2004 - 8:08 AMthe State fee is $70, if you use a service it will be more, but you should be able to do it yourself, check the states website for forms and procedures
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Re: forming an LLC
Sun, July 17, 2005 - 4:27 PMGo to the California Secretary of State's website www.sos.ca.gov for details. Go to the Business Portal. You will need to get an EIN from the IRS, and fill out a few forms with the Sec. of State. Lastly, you need an operating agreement. You can get a canned one from various services for a few hundred. A lawyer (like me) would probably charge about $300-400.
Dana
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