For An Out-Of-State LLC, Be Careful Claiming Dual Residency
So, yesterday, we discussed how some investors try to form an LLC in another state, because some states are just not small business friendly. Right? We cautioned you that if you want to form an LLC in another state, that you will need to get a registered agent who is a resident of that state to help you. That is with few exceptions. The logical next question you are probably asking yourself is about dual residency. Right?
Well, you actually can be your own agent, but make absolutely sure that you can both meet the state’s requirements and fulfill your duties as the registered agent. Keep in mind, as a registered agent, you’re legally required to fulfill these duties. You have to maintain your tax obligations and keep up on correspondence too.
For the amount of effort, you would probably be better suited to actually just hire a registered agent in the other state. Plus, it protects your liability a great deal too to have a registered agent. Plus, hiring a registered agent is usually quite affordable. It’s absolutely more affordable than dual residency!
If you don’t go about getting a registered agent or being your own registered agent properly, you could be looking at significant fines. Some states will even file criminal charges against you! Having to deal with facing charges in another state is absolutely going to save you no money when it comes to your investment company. So, play it safe. Consult with a business attorney. Don’t mess around if you’re planning to form an LLC in another state for cost efficiency.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.