Canadian setting up an LLC in the US

[Andrew K.]

Hi folks,

We're Canadians living in Toronto and are planning to do some RE investing in the US (the local market in Toronto is absolutely nuts). We're just starting out and doing our homework into US opportunities. It looks like we need to create a US-based LLC to conduct our transactions and do business.

We would be grateful for some advice about how do this properly:

1. We have a home in Florida so we were thinking of setting up the LLC in that state. Does it matter which state we set up the LLC in? Can we do business in all states?

2. Of course we want to minimize administration costs, but we understand that these are needed. What are the filing requirements once we've set up the LLC?

3. Can we retain a professional that would handle all of this? An accountant? Do we need a lawyer?

4. I expect the answer to Question 3 is "Yes", so I will ask if anyone can refer a good, inexpensive accountant that we could talk to help us with the LLC and all future transactions.

Thanks very much. Your advice is very much appreciated.

Andrew