New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
If I am forming an LLC as a real estate holding company only and have no intentions of running any type of business. Would New Mexico be the best state for non disclosure? Also would I still need to do the foreign LLC operating agreement in the state I live in if its out of New Mexico? Thanks
Dear Dianne,
New Mexico LLC is a great tool for asset protection, primarily due to specific NM laws that ensure such protection, and the fact that its easy and inexpensive to form a NM LLC with no personal information listed in the public records.
If your intention is to hold real estate property under a NM LLC I need to warn you that in case this property is a cash producing investment your LLC might be required to be registered in the state where this property is located. That could cancel off some of the anonymity you enjoy with NM LLC.
What you could do is use a NM LLC as a holding company. In other words you could create LLCs for each of your investment properties, and own them all through your NM LLC.
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