New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
I reside in CA and have cash flow properties in IN, OH, not in CA. What would be a best way to set up an LLC or LLCs properly?
Sean,
Generally with real estate properties, each property should be registered in it’s own LLC, because you want all the properties to be separated from your personal assets, as well as each other.
Additionally, when a legal entity such as LLC owns a physical property usually this entity should be registered in the state where the property is located, either as domestic or foreign entity.
So you can form as many LLCs in IN and OH as you have properties and transfer the titles to those LLCs, respectively. You can own those LLCs regardless of the fact that you don’t reside in any of those states.
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