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Updated 8 months ago on . Most recent reply

User Stats

308
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308
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Tim J.
  • Investor
  • Vermont and New York
308
Votes |
308
Posts

Foreign entity and in NY/ "doing business" definition in NY?

Tim J.
  • Investor
  • Vermont and New York
Posted
I have a few properties in VT held in LLCs.  Looking at a property in NY.  Creating an LLC in NY is a hassle - all sorts of nonsense about publishing in newspapers for 6 weeks, etc.

I tried to research what it would take to own and operate a rental property in NY with a different state LLC.  I discovered inconsistent answers. 

NY state website has a broken link to an opinion about what constitutes "doing business" in the state. 

It is not clear to me if owning a property and leasing it to others constitutes "doing business"  - in some cases it does not.  

Does an LLC from another state have to register as a foreign entity in NY to own and rent residences?


Has anyone gotten an answer to that from an attorney or NY state govt?  


Most Popular Reply

User Stats

151
Posts
131
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Kristine Ann
  • Investor
  • WNY/CNY/Adirondacks, New York State
131
Votes |
151
Posts
Kristine Ann
  • Investor
  • WNY/CNY/Adirondacks, New York State
Replied

Creating a New York LLC is not a hassle at all. It's very straightforward and the NY state website is very easy to use. The publishing requirement is a one-time thing. You publish in two different newspapers for six weeks, get proof and submit it and you're done. It's not difficult at all and it's not that expensive.

I challenge you to explain (to yourself) why you don't want to do the publishing.  If publishing is too complicated, then the work around will be even more cumbersome.

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