I'm a new investor. I live in the Chicago south suburbs. I currently have one investment property located near my home, and it's in my name. I'm looking to buy more and I want to look in the northwest Indiana area. I'm looking for an attorney to speak with about setting up LLC or other recommended asset protection. Being that I live in IL, currently have one investment property in IL, and now want to look to buy in IN, where should I set up this entity. Please advise.
Attorney · Skokie, IL · Member since 2016 · 270 posts · 109 votes
7y
I'm not sure about Indiana, but in Illinois the LLC filing fee was reduced last year making it as a much more appealing option. I recommend an Illinois LLC or Series LLC to most of my clients. I'm sure we can look up the Indiana equivalent fairly simply. However, keep in mind, that technically, you should file as a foreign entity in the other state to achieve true limited liability protection in that state. However, most people do not take this additional step.
Setting up an LLC is relatively simple and straightforward in Indiana. Filing fee is under $100. As Ahmed referenced, if you register an LLC in Illinois, you would/could register that domestic LLC as a foreign LLC in Indiana