Attorneys, LLCs, and Closings in Kentucky

[Nghi Le]

I'm thinking of purchasing a property in Louisville, KY, but I am an out-of-state investor. How much does it cost to create and maintain an LLC in the state, or is it more worth it to create one in my state and then register as a foreign entity there? In Washington state, it costs $200 to create and $75/yr for the annual renewal.

Any recommendations for a local attorney who can create the LLC for me? I saw some recommendations from other threads, but not sure if the specialties align (although anyone can create an LLC and draft an operating agreement I suppose).

Also, are closings typically done by title/escrow or an attorney?

[Pavel Reyes Valdes]

First: As a rule of thumb you may want to create the LLC in the State your property is in. In KY you can do it online on the Secretary of State's Website. The cost is $40 for registration and then $15 every year for renewal. But take into consideration that in case your LLC is a partnership, you owe taxes to KY every year wether you have income or not. In case it is a single member the taxes are done on your personal return.

If you want a more professional treatment I suggest you contact Borders and Borders real Estate Attorneys. They are the go to lawyers for Real Estate Investors here in Louisville and they can handle everything for you: Registration, operating agreement, annual filings, etc. They do title work and closings or every kind of transaction.