LLC Formation: New York vs. Nevada

[Jamie Tulumello]

Im unable to decide if i should form in my home state of NY or if i should form in NV for the purpose of the increased protections. I have spoken to many lawyers in both Nevada and New York and have been told different things, seems as though nobody has a straight answer. Im aware that there are no tax benefits. im aware that when it comes down to it i have to follow New York law when it comes to transacting business. Im aware that there are both federal and NYS laws stating that the jurisdiction of Nevada must be recognized if i am to be sued in NY. Basically that the extra protections i gain from NV are to be recognized in NY. I guess what im asking is, is it really worth it? or am i jsut being sold something i dont need. 

[Casey Powers]

Personally I don’t think the added cost of forming a company in NV and registering it to do business in NY would be worth it for a small time investor. It seems more cost effective to just get good landlord insurance and be sure to keep your rental company’s books and money completely separate from your ... everything else.