Out-of-state LLC with Out-of-state Partner

[Christopher Lee]

Hello all,

Hope I'm not putting the cart before the horse but my partner and I want to split our first deal and many more 50/50. He lives in New Jersey, I live in South Florida and neither of us want to invest in our own states. I have an LLC set up in Florida currently as a sole member. After I register to do business in our state of choice (let's say Texas) and we get a cashflow started, what's involved with paying him his cut every month as far as taxes are concerned? Will I have to add him to my LLC or will he have to create his own?

Thanks in advance,

Christopher Lee

[Brett Camper]

I would spend a couple hundred dollars and meet an Accountant/Attorney specializing in Real Estate . A good one always stays up to date with new tax laws and loopholes for benefiting Real Estate investors. 

Good luck