Pay Taxes For Each LLC?
A couple of weeks ago, I went to Elmer Diaz's seminar. He suggested owning a seperate LLC for each house he owns.
Those of you who have LLCs, don't you have to pay $200 per year in taxes (in Texas)? And if you have multiple LLCs, do you have to pay the $200 per year per house?
Also, this may be a stupid question, but do you guys obtain a Federal Employer Identificiation Number once you establish the LLC?
Iowa doesn't have any franchise fees or additional state tax for LLCs but if you do you will have to pay it per entity. If this means you have one LLC per house than you pay $200 per house.
I do get a FEIN number as it is required to open bank accounts.
I've been using a separate s-corp to flip each property (so far I have no rentals) and my only resistance is that my banker doesn't like me having so many accounts. Especially with relatively small balances in each.
I hope this answers you question. GOOD LUCK