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| CRE Online > Real Estate Law > Bill Bronchick > Question and Answer |
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Question from Mark:
Mr. Bronchick: I heard you speak at the last CRE Online Convention and I bought your courses. I have a question as far as a stand alone LLC. Where I live we have very bad LLC laws and wanted to use an out state LLC to hold the beneficial interest of my land trust that has title to some of my individual houses. I read your course and it seems that the best state for a one man LLC is New Mexico. They do not have any annual fees. I did not have any luck to find out if they tax their LLC out of state income. Delaware does not tax out of state income, but they have more reporting duties and that annual fee. These LLC would protect some of my real estate that I currently held by a Land Contract. The protection is for items that we may be sued that insurance would not protect us(Example Lead Paint). I was trying to find a cost effective way to protect myself with the small chance of being sued by something that is not covered by insurance. Any help would be appreciated. Answer By William Bronchick: I like Colorado, my own state. The filing fee is just $50, and the reporting is biannually (every other year). The Secretary of State accepts fax filings and the information required on the form is minimal. There is no franchise tax or income tax due on income earned outside of Colorado. Our state laws on LLCs are a model for many other states. Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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