Legal Question in Business Law in Texas
What is the best way to own rental properties? I was told to own the rental properties in a LLC, and to establish the LLCs in Nevada. This is because of paying less taxes in an LLC and it is very difficult to pierce the corportate veil in Nevada in case of a lawsuit.
Asked on 3/25/10, 4:12 am
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
Real Estate is taxed in the state that it is located in. So if you have a nevada LLC owning texas property, texas is still going to tax the property.
Piercing the corporate veil is more a matter of keeping up with the corporate formalities of directors and shareholders meetings and appropriate authorization for the entity to act.
Answered on 4/06/10, 12:50 pm
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