I want to put my Triplex into an LLC for legal protection of my personal assets. The Triplex is in GA. I contacted an attorney's office in Wyoming to set up the LLC and they told me:
"A Wyoming LLC will not provide a GA piece of investment property with any asset protection. If something happens on that property and you were to be sued, you are going to be sued in a GA court of law and the judge can set aside the Wyoming LLC because it is a completely different jurisdiction. You are effectively conducting business (rental property), which means a GA LLC should be owning that GA property and conducting the business in GA."
If this is indeed correct then why is there so much conversation out setting up out of state LLC's ?
Thank you for your input I really appreciate. It seems like everyone focuses on choosing certain states based on rental laws and fees and fails to mention the the primary LLC should be in the state where the property is- in which case the the other state options are not helpful.
The wyoming legal office did offer to set up a parent company under which my other LLCs be owned-- which I understand that concept.