To Open LLC in State of Business or WY

[Jonroy Connell]

Just as the title mentions. what is everyones' thoughts? Is there anything that I should worry about operating in FL with an out of state corp?

[Bill S.]

@Jonroy Connell "efficient as possible" is buy in your own name and get a nice insurance policy. When you get multiple properties get an umbrella policy. Once you have more success then think about LLCs. I really think that most people promoting LLCs are selling something. I agree that the "wisdom" sounds good but it is so burdensome that people never make it to actually buying a property. 

Wyoming does offer anonymity but 99.95% of the people that open LLCs for investing never get to the point that it makes a hill of beans of difference. 

In your shoes, I would find a property and get the financing lined up and then worry about asset protection or whatever. While I know the "wisdom" is to get the structure in place and then get property and planning is the way to start, there is much greater danger in never getting off the ground than in picking the "wrong" way and losing everything.