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Limited Liability Limited Partnership (LLLP)

Formation of Limited Liability Limited Partnership (LLLP)
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Brenda   wrote on : Fri May 15th,2015   Back to Article

I went the rough incorporation of our company in Delaware, and was about to set up an LPin WA, then learned about LLLP's from my accountant just this morning. He is of the belief that this is a better way for me to set up my business in the USA. I am a Canadian citizen and a non-resident of the USA. I also would like to know if I need to set up LLLP's in each state that I want to do my real estate investing in, or is one LLLP good for all states. I was told that an LLLP set up in Florida could buy property in Washington state. I want to follow the rules, but minimize the taxes paid out. PS My husband will be my partner (also Canadian citizen and non resident of the USA).

Reply :

Set up LPs (Limited Partnerships)

You are required to incorporate business where ever you are physically operating business or buying properties. For example if you have an investment property in NY then you are required to incorporate in NY, if you have another investment property in New Jersey then you are required to incorporate in NJ too........................You can also call us at 516.822.3100516.822.3100 to discuss it in person.

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