Updated about 7 years ago on . Most recent reply
Multiple LLCs with different names?!?!
What's up PB fans! I have a newbie question! Ready?!
when holding multiple LLC entities as members under my main holding Wyoming LLC,
Do I name each property's LLC different than my main holding Wyoming LLC?
I own some vacant land in Illinois and would rather place it under an LLC for protection & insurance - in also looking at 2 deals in Florida I may pick up. I'll also place each individual deal under it's own LLC. So should each additional LLC have it's own Name? Or is that because they all all members of 1 Wyoming LLC , they all share the same name?
Any tips? Thanks!
I'm using corporate direct. So as I'm thinking of a name for my LLCs I was wondering this before I talk to my attorney in the morning.
Most Popular Reply
In Illinois use Land Trusts to hold title. Always name land trusts and LLCs different from each other for privacy reasons. Unless you have dozens of properties one LLC per state should suffice.
If you have a Wyoming LLC that does business in Illinois under that LLC you need to file as a foreign entity and submit an Illinois income tax return as well as Wyoming.
Unless you live in Wyoming you have no need of paying for multiple filing fees and tax returns. A lot of these GURUs sell LLCs as part of their marketing package. Avoid those expenses like the plague.