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Updated over 12 years ago, 08/06/2012

User Stats

5
Posts
1
Votes
Dan R.
  • Rehabber
1
Votes |
5
Posts

LP or LLLP and what state?

Dan R.
  • Rehabber
Posted

I live in Georgia and want to set up a parent LP/LLLP out of state because in GA an entity that owns LLCs organized in GA does not have to register here(and you do not have to disclose the owner of an LLC in GA on public filings).

What state should I organize the LP/LLLP in? I would like a state that does not allow foreclosures of interest? I originally planned on using Delaware but I am also looking into Alaska, Nevada, and Wyoming.

My Plan is:
Out of state LP/LLLP owns multiple LLCs in GA that will be used to purchase the investments properties in GA.

Then I will set up four trusts to own the interest. (one for me as GP, one for me as LP, one for my daughter LP, and one for my son LP.) Or should I set up a LLC as GP? Is it necessary in a LP/LLLP if it is only owning LLCs and no actual properties/investments?

By the way I have flipped 31 houses in the past six years so I am not new to flipping but the the business structure. I previously used one LLC to do it.

And I will have an attorney do my paper work.

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