Recently, I came across an issue of evicting a tenant where the owner of the property has a Nevada LLC and Florida properties. If the tenant leaves after the first notice, no problem but if the matter goes to court, the judge will throw it out and award tenant legal costs, if any, against you. It’s important to check the requirements of the State where you have properties to ensure you will not have eviction issues. It’s easy to transfer an LLC, keeping the same name, to another State.
Judith Ottosen | Outback Realty LLC
Email MeHi Judith, interesting situation . . . . so the property was “owned” by the Nevada LLC? Was the Nevada LLC “registered” in Florida?
Generally for tax reasons it is better to set up an LLC in the state where you are purchasing. There are often different costs with some states charging heavy penalties.
Nigel Kibel | Property Know How
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Sorry I haven’t replied sooner, been a bit hectic here. The Nevada LLC was not registered as a foreign LLC in Florida.(foreign here means another State) The fees to be registered as foreign are the same as an annual renewal of LLC which is not cost effective long term. I thought it was something worth bringing up here as I know there are a large number of Nevada LLC’s out there.
Cheers
JudithJudith Ottosen | Outback Realty LLC
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