Board Topic: Which state to form LLC
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Which state to form LLC

Posted by: Guest_mdj Oct 25 2004, 03:10 PM
Nice site. I just joined today.

I'm thinking about investing in some rental duplexes/quads in SC. I live in Michigan. I have read your past comments about incorporating (probably not necessary, will still be personally liable for the loans, but gives you liability protection). My first question is, should I incorporate in Michigan or SC? Secondly, any problems acquiring property and then transferring them to the LLC or should I set that up first? And lastly, any timing implications about setting up an LLC (for example, an S-Corp has to be filed by March 15 of the tax year.) Thanks in advance.

Posted by: loanuniverse Oct 25 2004, 04:05 PM
Those are mostly tax and legal questions for which I can only provide educated guesses. Living in a state with no income tax, I am very uninterested with this topic, but you should if you are dealing with potential tax liabilities.

In other words, an accountant or attorney is better suited to answer them.

Sorry I could not be of help

Posted by: avatarfi Nov 2 2004, 06:39 PM
MDJ - You can set up your LLC remotely in either New Hampshire or Nevada. These are the two states with the most benefits for incorporation - you can conduct some searches at Yahoo!/Google for more information, but I know that we eventually decided against incorporating in NV, although it did have some very attractive benefits.
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