Limited liability company

Viewing 7 posts - 1 through 7 (of 7 total)

Janrayco
Participant
@janrayco
Join Date: 2010
Post Count: 15
March 21, 2011 - 10:34 pm
Can you buy property in different states with the same LLC or do you need different LLC's in each state you buy in?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 22, 2011 - 4:25 am
Are you talking about Australia?
A pty company can be used in all states.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Janrayco
Participant
@janrayco
Join Date: 2010
Post Count: 15
March 22, 2011 - 4:54 am
No sorry I meant in USA. I have a LLC set up in Florida when I purchased a property but looking to buy in a different state. So I wanted to know if I needed a new LLC.
Treasure Hunter
Participant
@treasure-hunter
Join Date: 2010
Post Count: 47
March 25, 2011 - 6:40 am
95% sure you can purchase in multiple states with the one LLC, but you need to have it registered in each state you buy in as a Foreign Entity. I believe it’s about $50 to $100 per year per state. Confirm with your US CPA accountant.
TH
HighIncomeProperty
Member
@highincomeproperty
Join Date: 2011
Post Count: 84
March 26, 2011 - 10:36 pm
TH is pretty much right on the money – there’s no real requirement to have an LLC in each state, although by the time it comes down to turning on utilities and dealing with local companies, they’ll all ask you for a Certificate of Good Standing (basically proof that you’re registered in that state) from the local Division of Corporations. Some title companies (the good ones!) will do this already at closing, although it’s technically possible to buy the property even as a “foreign” LLC.
[email protected]
TCLinvestments
Participant
@tclinvestments
Join Date: 2009
Post Count: 84
March 27, 2011 - 12:06 am
Hi
I have another question regarding LLC and taxation.
I have set up an LLC to invest in Tax liens in USA, but have not started, tax time is coming up and i haven't done any trading or made any money in it. Do i still have to file a tax return?? I understand it cost between 300-500 to do it USD.
I have asked a few people, and some people have said that i must file and some say that i dont need to.
Can anyone shed some light on this??
HighIncomeProperty
Member
@highincomeproperty
Join Date: 2011
Post Count: 84
March 27, 2011 - 4:49 pm
TCL Investments:
I’m not a qualified tax professional (got that disclaimer out of the way!) but according to the IRS website, you will not need to declare U.S. taxes unless you have had income exceeding a certain threshold, which I believe is around $9.000 – assuming you do not have any other holdings in the country.
Just asking the question out of curiosity – what would you be looking for in a mentor?
[email protected]