Starting a LLC in Nevada

[Darian Richardson]

Hello BP,

Through a few networking events I am being advised not have my properties in my own name for asset protection purposes and legality reasons . One of the strategies that I ran across was opening an LLC to have assets in the business name instead of my own. One thing I found interesting was the suggestion of opening an LLC in the state of Nevada instead of forming one in the state that I am investing in or majority of my properties are located.

Does anyone have any experience with forming an LLC in a different state elsewhere than their assets, specifically Nevada? If so what was the process of forming one, and what are the pros and cons of doing so. Any tips and insight would be appreciated.

[Scott Smith]

@Darian Richardson I recommend forming in Texas because the filing fee is only $300, there are no yearly fees, Texas has Asset Protection laws on par with Nevada, Delaware, and Wyoming. As a professional I have formed in many state, but I don't see any advantage to not filing in Texas with an anonymous Trust listed as the owner. It provides the cheapest set up, allows for a Series structure, and provides the anonymity (which is why people use Wyoming).