Cost of running an LLC in NC

[Gabe C.]

I'm considering setting up a checkbook LLC IRA with some old IRA money I have from old jobs in order to do a few buy and hold deals with non-recourse loans. I would set up the LLC in NC, and it seems like the setup fee is in the $125 range. My question is what are the costs of running an LLC in NC on an annual basis? Are there yearly fees? Do you pay for a separate tax return to get your K-1 or is it different if it's part of an IRA?

If the fees are prohibitively high in NC for some reason (they are in CA!), my alternative is to just do a regular SDIRA, and bone up on note investing to keep it simple. 

[Edward B.]

@Gabe C.,

The annual fees for an LLC in NC are $200. I would plan on other misc expenses too but it should not amount to too awful much.

The set up fees will be much higher, though, because it is not the type of thing that you want to do yourself. There has to be very specific language in the operating agreement and you need to know what you are doing or you could get your whole account voided and have to pay taxes and penalties on the entire amount. I know an outfit out of TX that does them for $1250 or so, but I can't speak to their validity except to say they were recommended by someone I trust. I also know @Dmitriy Fomichenko is knowledgeable about this stuff. I recently connected with him to get smarter about it myself.

An SD IRA will have annual fees as well but it might be the better route starting out because they can help keep you out of trouble. I actually started mine to invest in notes and have been researching a Checkbook LLC or Solo401k because SD IRA custodians typically charge a transaction fee. Those options would eliminate that. Of course, some may not support it for that very reason.