I reside in CA. Can I set up LLC in AZ to buy homes there?
I live in CA. I want to buy and hold properties to rent in Arizona. I have decided I would like the protection of an LLC. Can I set up an LLC in AZ to hold AZ properties without living there? If not can I set up an LLC in CA and hold my AZ properties in it? I would obviously like to steer clear of the CA $800 yearly franchise fee.
Thanks in advance-
hi how ysa doing
You should look at setting up a llc in Nevada. They have the best laws for small corperations. you can also trade on the market under your LLC protecting your money from being over taxed. the other thing is that LLC's arn't the best for RE investing. What you should check into is setting up a LLC and Doing RE through a limited partnership esp. if your going to own rentals or apartments. just some food for thought. The most improtant thing is to do your homework and know how to work it. Good luck and good fortune
Rob
Thanks for the response. I'll look into the Nevada LLC.
Just curious why you say that an LLC is not the best entity to hold property in. I was just at our local Creative Investor's meeting with 500+ people listening to a speaker (business attorney) who went over all the entities available. The general consensus from her and the other investors was to use an LLC. Can you share your reasons?
Thanks in advance.