Posted by Rich-CA on April 30, 2007 at 22:14:04:
Usually the “in state” LLC is by far the least expensive. What I usually do is own the asset in an LLC that is based in my state of choice. Since you don’t have to be in state to own property, neither does your LLC.
I have an operating company (another LLC) in each state that handles contracts, leasing, rent collection, paying the bills and so on for the properties. I write an operating agreement between the two companies in case its needed, like after a lawsuit.
I chose CO due to cost and the fact that I can create the LLC on the web for $25. Its a complete online transaction, though you need an in state Registered Agent (I use an attorney there who only charges me if he has to do some work). I also have one in NV, these are also able to be formed on the web, but the original docs need original signatures.
Once you have the LLC created, you can get on IRS.gov and fill out an online SS4, request for EIN. You need this to open bank accounts in the company’s name.
I tend to stay away from east coast states for company formation because the states that have been around longer have some arcane rules that are hard to keep track of. If you really want a Georgia LLC, talk to an attorney.