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Facts: Husband and wife are California residents and form an LLC that owns residential rental properties all OUTSIDE the state of California.
Questions: Can they form the LLC say in the state of Nevada, since none of the properties are in the state of CA? I am thinking the state of CA will say they need to file a CA LLC return, because they are CA residents and manage the LLCs from CA. Do you agree?
Facts: Client and his ex-wife are equal partners in their LLC. The LLC owns four commercial buildings in CA, a gas station in Utah, and a gas station/convenience mart in Indiana. Total gross receipts from all six of those properties is now approaching $1 million. So their CA LLC Fee would go from $2,500 to $6,000 (not to mention the $800 LLC tax).
Questions: Would it be advisable to form a separate LLC for the Indiana property and a separate LLC for the Utah property? Then we can leave the four CA buildings in the original LLC. Aside from the cost of filing 3 federal returns with those respective states, can this be possible given the two partners are both CA residents?
Thanks in advance!