OWNING RENTAL PROPERTY - LLC OPTIONS

1. Starting LLC: Filing Requirements

• Articles
• Officer List
• Operating Agreement
• EIN (choosing how you want your LLC to be taxed)

 

2. Taxation of LLC: 

• Disregarded entity (i.e. sole proprietorship with 1 owner)
• Partnership
• S Corp.
• C Corp.

NOTE: for LLC’s owning real estate never select corporate tax treatment

 

3. Creditor Protection:

• State Laws vary·
• Nevada has great protection (NRS 86.401(1))
• Series vs. Traditional LLC

 

4. Member (owner) of LLC:

• Individual vs. Trust

 

5. Manager: 

• Individual vs. Management Trust

 

6. Resident Agent

• Do not list your name and home address

 

7. Filing as foreign entity in other states. A Nevada LLC can own property in any state, butthe LLC must be registered as a foreign business in every state where it owns realproperty or operates as a business.