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Actually, LLCs are probably the most preferred method of doing business in the US, especially for investment real estate.
The formalities are not as stringent as a corporation (you don't have to have annual meetings of shareholders and directors, etc.).
An LLC can also be taxed like a partnership (if there is more than one owner -- called a member in LLC speak), a sole proprietorship (if there is only a single member), and a corporation (either a C corporation or S corporation ("C" and "S" refer to specific subchanpters of the US Internal Revenue Code -- each has a different method of tax, but the main difference is that S corps have a flow through tax and C corps are taxed at the corporate level and at the individual owner level -- generally not a good thing)).
You would simply create your LLC by registering with the Florida Secretary of State. After that it's pretty straightforward and painless.
Most real estate investment companies with more than one member choose to be taxed as a partnership or S corporation -- which is best for you should be left up to a US certified public accountant "CPA".
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Just in case you don't know (and I didn't make this clear), an LLC is a limited liability company.
The members of an LLC are protected from liability incurred by the business the same way that limited partners in a limited partnership are protected. Plus you don't have to have a general partner. And the limited liability protection is a bit better because the only real recourse from a creditor is the "charging order".
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Either way, you'll pay taxes in both locations. The investment property will be here, in the US, and any income/return on investment will be taxed in the US. Then, I assume Canada will also tax you.
This is true (tax in the US) whether your entity choice is a limited liability partnership or LLC. Both types of taxation are flow-through to you -- so only the individuals pay tax, but that doesn't mean you get to skip taxes in one or the other jurisdiction unless there is an available credit for taxes already paid in the other jurisdiction.
Even if I'm mistaken and a partnership provides beneficial tax treatment, your LLC can be taxed as a partnership under the revenue code "check the box" regulations by filing a form 8832 with the IRS. Thus, there would be no difference in tax treatment, and you get superior protection with the LLC.
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