Legal Question in Real Estate Law in Illinois

i live in illinois and i wish to purchase an investment property in las vegas.would it be better to form an llc in nevada or an llc in illinois for ownership of property. i intend to hold these properties for the long term and rent them out with local property management...

thanks


Asked on 11/18/11, 11:59 am

1 Answer from Attorneys
Stephen Messutta

You and a whole bunch of people apparently. If ownership, operations, rent collections, etc. will all be in NV, and all that happens here is that you are sent the net income and are given tax reporting information, then NV should be the only necessary filing. If, however, you will be involved in ownership, operations, management, etc., you MAY need to file in both places. Best to get an attorney involved who can ask all the right questions and give you the best answer.

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Answered on 11/21/11, 12:31 pm


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