Form a Serious LLC
to buy real estate in New York State.
I am a Canadian planing to invest several rental properties in New York State. I learned for some reasons like liability and tax, it is the best to form a LLC to buy rental property.
Which State to form my LLC. I learned that the best State to form a LLC is Delaware. But it seems it does not apply to me because I invest in New York State. Whenever a LLC transacts business
in a particular state, it must register with that state. This means that it has to pay taxes in that state and file reports, just as if it was actually formed there. I do not save money at all if I form my LLC in Delaware. Right?
I want to form a series LLC (having multiple different LLCs under one LLC, and I only have to pay one LLC fee). Because I may invest in other properties in US (under different LLCs) the LLC will isolate the other property and my liability will only be limited to this property. However, it seems that New York State does not allow to form a series LLC. So for every rental property in New York State, I have to form a new LLC?
And, in order to open a bank account for my LLC, I have to real physical address (not my rental property address) in New York State. How do I solve this problem?