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Updated over 6 years ago, 05/15/2018
Do I need foreign LLC for out of state rental properties?
I live in Texas. I am purchasing rental properties in a different state. The properties will be managed by a local property manager. I have formed an LLC in the state where the properties are located to hold the properties.
Next, I would like to setup a bank account in the LLC name to receive the property manager draws. I submitted the LLC certificate, Operating agreement and EIN information to the bank. They believe I need a foreign LLC certificate here in Texas to set up the bank account.
Do I? All of the business related to the properties will conducted in the state where the properties are located. The only thing that happens in Texas is the fact that I live here and the bank branch where I am setting up the account which will receive property manager draw is in Texas.
Thanks,
Kevin