Q: Should an LLC be formulated in the state at which I reside or the state in which my rental properties are located?
2 rental properties in Utah in which I am the sole owner, I reside in WA. I formulated an LLC in Utah but never used it \. Would like to reuse that LLC but the address is under a former business partners address that lived in Utah. I am now sole owner of LLC. I already have a seperate bank account established under the LLC's name for the rental properties.
A:
Best practice is to set up an LLC where the real estate is located. We can update addresses and registered agents as well as ownership information in order to bring your business information current.
If you don't have the LLC in the same state as your real estate you will often have to pay more registration fees as a foreign LLC etc.
I hope this helps.
Wes
1 user found this answer helpful
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