Do I need Nevada based LLC

[Kirsten Mastro]

Hi everyone. I'm starting up a real estate investment business. I've heard the maximum m asset protection comes from setting up an LLC in Nevada. Nevada Corp Headquarters (than Merril's company) has contacted me to set it up for $1200. Does this sound reasonBle? Any advice? I'm very new so any direction would be greatly appreciated! Thanks.

[Nicole A.]

Don't believe all the hype, @Kirsten Mastro . You won't necessarily be more protected having your LLC in NV. Also, you'll have to pay "foreign entity" fees/taxes doing that. Just open up in the state you're doing business.

To open your LLC, as already mentioned, $1200 is a lot and ridiculous. Someone is taking advantage of you. You can do this yourself on LegalZoom or something. Once you're formed, then go open up a checking and savings account with a bank.

Oh, and BEFORE you form your LLC, you should have already set up your mailing address! Unless you don't care that your personal home address is on file for the world to see, you need another address. And a PO Box won't work because it's not accepted as an official address. You'll have to pay a little more and get a UPS box or something.

Protecting your assets starts with you simply not violating laws and/or codes. Have insurance (like landlord/business insurance); this would cover you if you were to end up in court over someone suing you. But really--just know your laws and do things right and you'll be fine. You'll meet a few jerks who might try to threaten you with court over silliness, but find that they're just all talk. We're all here to help you, and help you save money!