Out of State Partnership Questions
Myself and my partner both live in New York. We are looking to purchase a property, in atlantic city New Jersey. We would like to use an LLC for our partnership, do we need a lawyer in New York or New Jersey or would this not even matter? Thank you for your time.
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Hi @Steven Betz, I agree with @Joseph ODonovan that you are generally able to form an LLC yourself, but I would suggest forming the LLC in New Jersey (you'll likely legally be required to "register" in NJ, even if you form the LLC elsewhere, which is essentially double fees/taxes).
As an attorney, I am somewhat biased (hah), but I generally suggest people consult an attorney, if only for peace of mind and, to some extent, tax related issues, as Joseph alluded to. You'll likely use an attorney for the closing so, oftentimes, the same attorney you use for the closing can form your entity. I own a fair amount of property in Atlantic City as well (all via LLCs)--I'd be happy to help or give my thoughts, if relevant. Feel free to send me a message.