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It is true that in most cases it is most direct to form the LLC in the state in which you plan to conduct your business, particularly when you are dealing with real property. You can form a master LLC, then form sub-LLCs for each property. This will isolate liability for each property that you own (assuming you carry reasonable insurance or have reasonable assets to protect potential creditors in the event of claims). This is done with most largescale real estate investments.
You will need to pay a fee for each LLC that you open, but for the type of business plan you are proposing, this is a negligible fee.
I do not save money at all if I form my LLC in Delaware. Right?
because I invest in New York State.
Most business investments such as the one you are describing will retain a property manager or legal counsel which can act as their "physical address" for accounting, banking, and regulatory purposes (remember the LLC is an entity separate and apart from its members).
I cannot tell you for certain that you specifically will not save money by not creating your LLC in Delaware (remember, I cannot give specific legal advice, only an attorney that you retain in person to give you that advice can answer that question), but in general you will not save enough money to make an out of state LLC worthwhile for businesses conducting real estate transactions.
It seems that New York State does not allow to form a series LLC. So I have to form a LLC for each rental property in New York State?
Most real estate investments are formed in this manner regardless of state regulations in any event. This shields one investment from the others (for example if a fire in one development causes it to go bankruptcy, that LLC's misfortune will not affect the remaining LLCs - assuming reasonable insurance, etc.).
New York State does not allow to form a series LLC?
You can use sub LLCs or "series LLCs" in New York. Another expert's post on this site confirms this use (in fact early corporate liability law drew from this type of fractured liability): http://www.justanswer.com/business-law/3twer-delaware-series-llc-s-honored-ny-law.html
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