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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am looking to form an llc for my 2 residential rental prop.

Resolved Question:

I am looking to form an llc for my 2 residential rental prop. In AZ. Is a series llc in NV or 2 separate llc's in AZ more cost effective from a tax and filing perspective?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Megan C :

Thank you for your question. My name is XXXXX XXXXX I would like to help you today

Megan C :

How are you doing?

Megan C :

From a paperwork perspective, the series LLC would be much easier to handle.

Megan C :

You will only have one LLC for which to file annual reports.

Megan C :

If you buy additional properties, you can simply put in the minutes to your meetings that you create additional series and add the series to the existing LLC without any further filing requirements

Customer: What about taxes in multiple states? Ie, az and nv?
Megan C :

I have several clients that have TN Series LLCs and have rental property in Arkansas and Mississippi, which do not offer series LLCs

Megan C :

and it works out well - the other state still views it as one LLC, not multiple LLCs

Megan C :

The main LLC is the only one that needs to file with the additional state.

Customer: But are there tax liabilities in each state?
Megan C :

Nevada does does not have tax on the LLC, just an annual fee, and you would have AZ tax regardless of where the LLC was formed because you have AZ sourced income

Megan C :

A lot of people file their LLCs in Nevada from across the country because they are relatively inexpensive.

Megan C :

But, you will have annual fees due to each state, but the fees are less than if you had two separate LLCs

Megan C :

And you have the ease in adding additional properties later on

Customer: Awesome! Thank you for your explanation
Megan C :

You're welcome.

Megan C :

I'm a big fan of series LLCs

Megan C :

Do you have any additional questions for me today?

Megan C :

If not, please rate me positive so that I can get credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you

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Megan C
Megan C
8219 Satisfied Customers
Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level