Real estate in Illinois
Asked by: Evelyn - 24 October, 2012
Hi. I live in Texas and I currently own property in Illinois, purchasing more in the very near future. I'm considering incorporating in Texas but I know there are other options. I'm looking for the least expensive option currently as this is something I plan to do long term. I'm open to Delaware, Texas, even Nevada.
Evelyn.
Thanks so much in advance
Hi. I live in Texas and I currently own property in Illinois, purchasing more in the very near future. I'm considering incorporating in Texas but I know there are other options. I'm looking for the least expensive option currently as this is something I plan to do long term. I'm open to Delaware, Texas, even Nevada.
Evelyn.
Thanks so much in advance
Answered by: Ray Albert - 25 October, 2012
Evelyn,
When a company owns a physical property such as real estate, the business must be registered in that state, respectively.
It's usually recommended that each property is registered as it's own LLC. With that in mind, you could register separate LLC's to be owned by you personally for each property, or you could set up a holding company, in Wyoming, Delaware or Nevada for example, and use that company to own and register an LLC for each property.
It's costly to form Illinois LLCs, however in case of real estate holding there is no way around forming your entity in Illinois for that purpose.
Evelyn,When a company owns a physical property such as real estate, the business must be registered in that state, respectively.
It's usually recommended that each property is registered as it's own LLC. With that in mind, you could register separate LLC's to be owned by you personally for each property, or you could set up a holding company, in Wyoming, Delaware or Nevada for example, and use that company to own and register an LLC for each property.
It's costly to form Illinois LLCs, however in case of real estate holding there is no way around forming your entity in Illinois for that purpose.
