LLC question for California resident

mobile home university
1

hi ,
I live in California and buying a park in Indiana , so which state should I form my LLC in .

Do I need llc in Indiana to get business license and banking going or I should have LLC in some other state which has more benefits. If anyone can recommend someone that’ll be appreciated.

Do I need to have any entity in California as well ?

2

Form your LLC in the state of the real property. Indiana.

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3

If you are in CA and managing it from CA you will need an LLC in CA as well. Check with your CPA.

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@tmperrault is technically correct as I too live in CA and purchase my first park outside of CA. I did not create a CA LLC right away, but eventually created an entity in CA as the “investment,” or “property management,” or whatever you want to call it. In CA you will have to pay a minimum annual fee of $800, but you can also create a Solo 401k to which you can contribute a minimum of $19,500 if you are under 50 years old, OR $26k if 50 and older. If you have a lot of extra income you can do an employer match into the $50k+ area. It is probably best to create the park LLC in the state in which you are purchasing the park using a registered agent such as: Indiana Registered Agent | For LLCs & Corporations.

I am just a CO and not a CPA, Attorney or anything else so you should always seek professional advice, but it will probably be close to this advice…Good Luck!

5

Here’s a couple of more thoughts.

  1. The LLC protections offered by most states don’t vary much. The most protective are Nevada and Delaware -but the others have the same core protections. LLC formation costs vary from about $250 to $800 between the states;

  2. If you form the LLC in the state where you have the investment, you don’t necessarily need to hire an agent to be available to accept lawsuits served on your LLC - you can just keep a mailing address there

  3. If you form the LLC in a state other than the one your investment property is in, you need to seek foreign authority in that state with the out of state LLC - so that’s a pain too

6

Thanks everyone who responded, I found out as California resident I have to have llc here as well.
I’ll be registering LLC in the state I’m buying park in and then register as a foreign entity in California.

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