- JanraycoParticipant@janraycoJoin Date: 2010Post Count: 15
Can you buy property in different states with the same LLC or do you need different LLC's in each state you buy in?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213JanraycoParticipant@janraycoJoin Date: 2010Post Count: 15
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 HunterParticipant@treasure-hunterJoin Date: 2010Post Count: 47
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.
THHighIncomePropertyMember@highincomepropertyJoin Date: 2011Post Count: 84
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.TCLinvestmentsParticipant@tclinvestmentsJoin Date: 2009Post Count: 84
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??HighIncomePropertyMember@highincomepropertyJoin Date: 2011Post Count: 84
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?