Corporation in SC - Posted by jp

Posted by Rich-CA on July 02, 2007 at 12:52:57:

The company that owns property, just like property owned by an individual, can be in any state. However, if the company is going to execute leases, collect rent, sign contracts, etc., then it will need to be registered in the state where these activities take place. This can be as a “domestic” company, organized under the laws of the state, or as a “foreign” company, organized in another state. The fees are different, but the taxes are likely the same.

I do not form companies in CA for out of state business mainly because of the $800 minimum tax you would have to pay to the FTB (this is for either a Corp or an LLC) whether or not you made a profit. If the company is not going to do business in CA, I would look for a state more conducive to doing business, such as Wyoming or Nevada (though NV hits you for $200 each year just to update the ownership and registered agent records, even if nothing has changed). Investigate carefully. For myself, if SC had good laws for an LLC, I’d form it there.

Corporation in SC - Posted by jp

Posted by jp on July 02, 2007 at 12:25:18:

I own some rental properties in South Carolina but live in California. I want to set these up as a corporation. Is a S corp better or an LLC?
Also, would I have to set it up in that state, or in CA and can I do it over the internet. Could I also use for this?