Legal Question in Business Law in New York
Effects of operations of a foreign LLC in NY state
I intend to create an LLC to hold real estate in NY city. Since creating an LLC in NY is expensive (the annual filing fee is high), I was planning to create an LLC in another state. What would be the effect on me, as a resident of NYC, to hold real estate in NYC through an LLC created, let's say, in Arizona, if the foreign LLC is not registered in NYC? I know that I would lose the LLC protection in NYC, but if something happens to a tentant in the NYC property, who gets sued, me or the foreign LLC that would own the property? If the foreign LLC is forced by the NYC court to pay an amount greater than its free assets, what happens? Please reply by email at [email protected]. Thanks. CG
1 Answer from Attorneys
Re: Effects of operations of a foreign LLC in NY state
The real issue as to which entity to form should be left to your Accountant...only they know your finances...after that...the legal work begins.
Good Luck
RRG
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