Business formation and which state for tax purposes

[Dmaxwell79]

Hi all,

My business partner and I are buying our 1st midsize 51lot mhp in mississippi. We both live in Georgia. Next year I will move to Florida. I will have quite a bit larger ownership stake. Any advice on which state to start the partnership llc, Miss Florida (no state income taxes). Anyone that could help me navigate this and the formation structure?

Thanks
Dustin
386-846-4388

[Blackbox1]

Holding company LLC

 I’m closing a couple deals and am wondering if there are any issues with purchasing the properties under my management LLC and then moving them into their own LLCs in a few months. Any tax or major cost implication? How about if I take care of deferred maintenance while the properties are under the holding company prior to moving into their own LLCs? Any problems here?

[Brandon]

What state to form an LLC

At the bootcamp, Frank said to have an LLC just for the property, and an S Corp for the manager. He also said it doesn’t matter what state the LLC is in, just look at how foreign entities are taxes in different states. I’ve heard Delaware mentioned a lot. Anyone have a recommendation on where to form the LLC? Now that I think about it, its not really going to matter, because the cash flow wont be taxed at all because the interest and depreciation deductions are not too much less than the cash …

[Blackbox1]

Just search the forum here for “Holding company LLC.”

That post had tons of discussion I think.

[Zepp]

I’ve been working out of Florida for many years, including owning LLC’s in TN, GA, and FL. I highly recommend Florida. No State Income tax, and very strong asset protection.

[Dmaxwell79]

Hi all thank you very much for the replies. I appreciate the advice and help from experienced operators.

[Settos]

@What state to form an LLC

At the bootcamp, Frank said to have an LLC just for the property, and an S Corp for the manager. He also said it doesn’t matter what state the LLC is in, just look at how foreign entities are taxes in different states. I’ve heard Delaware mentioned a lot. Anyone have a recommendation on where to form the LLC? Now that I think about it, its not really going to matter, because the cash flow wont be taxed at all because the interest and depreciation deductions are not too much less than the cash …

how did you solve the issue? …

[Anna]

Thanks very much for your information about LLCs!!!