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Updated almost 2 years ago on . Most recent reply

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Alazar Wubet
6
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56
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Flipping in D.C with a maryland LLC

Alazar Wubet
Posted

Hey guys is there any problem if i invest in fix and flip properties in D.C but have a maryland LLC?

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied
Quote from @Alazar Wubet:
Quote from @Russell Brazil:

Youll need to register the LLC as a foreign entity in DC


 If i may ask, how would that help and what if i don't 


 If you dont, then your business will be operating an illegal business within DC. Fines in DC can easily run into tens of thousands of dollars for pretty mundane things as nearly every flipper can attest.  I imagine running an illegal business in DC probably can run up a descent fine bill. 

"(f) A foreign filing entity that does business in the District without being registered under § 29-105.03 shall be liable for all fees, penalties, and other charges for which the entity would have been liable if it had registered and had filed all reports required by this chapter for the period during which it did business in the District. The Attorney General for the District of Columbia may bring an action in the Superior Court of the District of Columbia to recover these fees, penalties, and other charges. A foreign entity shall not be registered under this chapter until it has paid these fees, penalties, and other charges."

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