Profile picture for fsu08

LLC question for Investment property in NY

Here is a breakdown of me and my business partners situation
-We own and investment property that will be rented out to college students in the fall
-The property is located in NY
-We live in NJ
-The house is currently under our personal names
-We want to create an LLC, but is there an advantage/disadvantage to basing the LLC out of NJ or NY?

I  don't want to make this any more complicated or costly than it needs to be.  I'm aware that in NY, when creating and LLC, comes advertising costs. 
Will I be making this process harder by creating an LLC in NJ for a property in NY?

Any help on this is greatly appreciated!

Best
  • August 24 2010 - West Caldwell
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Answers (2)

Forget about advertising cost. I think if you transfer it from you name to a LLC your gonna pay taxes. Call a Lawyer
  • July 14 2011
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Profile picture for wetdawgs
You are asking questions that need professional advice from a CPA and lawyer
  • August 25 2010
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