LLC purchase in multiple states

[Ane Deys]

Hello all,

I am new to RE investing so looking for some advice / insight on a couple of issues; would appreciate any feedback I can get.

I have 2 SDIRA LLCs created in Wyoming. I bought a property in FL with SDIRA funds and filed the foreign LLCs with the State of Fl. I  was contacted by FINCEN to register the LLCs so I did that as well. Is that all that's required to from legal perspective?

I have a 3rd LLC (non retirement) created in NV, working on buying RE in Detroit, MI. once the purchase has consummated, I file the foreign LLC filing with MI state, do i need to file for FINCEN too?? are there any other filing requirements besides these?

[Ty Coutts]

Hey Ane,

Welcome to real estate investing! It truly is the best way to achieve generational wealth. Here are some steps and considerations for ensuring your LLCs are compliant from a legal perspective:

For Your SDIRA LLCs in Florida:
LLC Registration: You have filed the foreign LLCs with the State of Florida, which is essential.
FINCEN Registration: Registering with FINCEN (Financial Crimes Enforcement Network) was a necessary step for compliance with the Corporate Transparency Act.
Ongoing Compliance:
Annual Reports: Ensure you file annual reports for your LLCs with the Florida Department of State.
State Taxes: Check if there are any state-specific taxes or fees you need to pay for the LLCs.
For Your Non-Retirement LLC in Nevada Buying Property in Michigan:
LLC Registration:
Foreign LLC Filing: Once the purchase is finalized, file your LLC as a foreign entity in Michigan.
FINCEN Registration:
Corporate Transparency Act: As of 2021, the Corporate Transparency Act requires LLCs and other entities to register with FINCEN. If this LLC was formed after January 1, 2021, it needs to be registered with FINCEN.
Ongoing Compliance:
Annual Reports: File annual reports with both Nevada and Michigan to keep your LLC in good standing.
State Taxes: Check if you need to file state taxes or pay fees in both Nevada and Michigan.
General Compliance Tips:
Local Business Licenses: Depending on the city or county, you may need a local business license for operating your LLC.
Registered Agent: Ensure you have a registered agent in each state where your LLC operates. This is typically a requirement for maintaining good standing.
Record Keeping: Maintain meticulous records for each LLC, including operating agreements, minutes of meetings, and financial records.

You should probably consult with a CPA or attorney just to make sure you meet all compliance guidelines. We have a compliance division here at Aslan and I can answer any further questions you may have. Please feel free to DM me if you need any further assistance.