All Forum Posts by: David Disraeli

All signers must produce I.D. when opening an account. That said, only the bank would know since you can't read most signatures. Only the LLC name would appear on the check.

I'm no expert on which states are the best for investment. A ton of CA money though in pouring into TX. You pay state income tax on where you file, not where you invest. True, here in TX we have no state income tax. We do have a small entity tax (LLC, Inc., etc.) but not until you hit $1.1M in revenues. Be aware that CA expects to collect their $800 on LLC's you form elsewhere. Some CPAs have said they (state of CA) may not find out others say don't chance it.

Hi Ashley,

Easier to get get Heloc before. Regardless of where you form LLC, it has to be registered in any state where it owns property and collects rent. Texas has the series LLC and no annual fees. PM me for a cost breakdown.

First it is dangerous to own investment property in your own name.  The cost/benefit analysis is ridiculously skewed towards benefit.  Next you don't need a tax id, you can use your social if the property remains in your name.  Lastly a sole proprietorship can apply for a tax id just like an entity.  Hope you choose entity.

Hey Shanair - I am not an attorney but I have set up dozens of LLC's some that operate in multiple states. Texas has the series LLC which allows you to own multiple properties in one LLC, but keep them protected. Texas is also very friendly in that there is no annual fee. However you may or may not have to register the Texas LLC in Georgia depending on what it is going to do there. If so the cost to get registered in GA may me the same as if you have one entity there and one here. The difference would be accounting/IRA/reporting. Happy to talk to you if you need more information.

You should form an LLC for liability purposes, either a standard or series LLC. The series is helpful if you plan to have more than one project going at a time and want protection for them separately. There are a number of lenders who specialize in the type of infrastructure you mentioned. In a previous life, I was an underwriter for one of them so I know what they look for. Message me if you'd like more info. I can get you started!

I agree with Marc. The foreign fees eliminate the benefit of forming in one state and buying in another - with one exception. If you own more than one property in an LLC a series LLC allows you to separate them for liability purposes. I guess you have to do a cost-benefit analysis.

Luciano A. 100% agree

The cost to register an out of state LLC in TX is $750. I did extensive research on the subject based on the definition of "doing business in this" based on the rules in multiple states includes owning real estate where there is a tenant of any type of commerce. In other words any activity besides owning raw land. The risks are great. For more information, here is a great article I found.

https://ct.wolterskluwer.com/sites/default/files/CT_What-Constitutes-Doing-Business-2016.pdf