Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated about 4 years ago,
Questions on Foreign LLC's
Hey all! New investor here. I have some questions regarding LLC's.
My basic understanding is that LLC's are good because they can separate your businesses expenses, and they keep your personal assets safe in the event of a lawsuit. I'll ask my questions in hypothetical situations:
1. If I live in California and buy rental property in Texas and I set up my LLC based out of Delaware, do I need a representative agent in both Delaware and Texas? (ie. Does the representative agent get involved in the purchase of the rental property in Texas?)
2. If I live in California and buy rental property in Texas and set up my LLC based out of California, do I need a representative agent for Texas?
3. More generally, where does one find a representative agent for creating a foreign LLC, and what are his/her responsibilities with regards to setting it up? And is this someone who I would need to pay annually to keep the LLC's license (or whatever the term is used) renewed?
Thanks in advance and Happy Holidays!