Need help with Asset protection questions! - Posted by GL

Posted by David Krulac on March 30, 2002 at 13:17:07:

in many states there is no advantage to a Nevada corp, unless you’re in Nevada, as the income is taxed in the state where it is generated and may be subject to additional frnachise/foreign corporation taxation.

David Krulac

Need help with Asset protection questions! - Posted by GL

Posted by GL on March 30, 2002 at 08:49:31:

I began to Buy, Sell and Hold Real Estate this past year. I have heard a lot about asset protection lately and the use of Limited Partnerships and Corporations.

I have been advised to form a Nevada Corporation for buying and selling Real Estate and that I should form a Limited Partnership for holding the properties.

I understand the importance of Land Trusts for each property also. If the LP holds the properties, will the LP be the Beneficiary of the individual Land Trusts? How do I structure that?

Should the LP be set up here in Texas or in Nevada. Which is best for my asset protection?

I have also learned about letting a Corp. be a small %General Partner of the LP. Should the same Nevada Corporation I form to Buy and Sell be the General Partner of the LP. Or should I form a seperate Corp. for that?

Also, can I use my current Texas LLC to be the limited partner of the LP or does it have to be me a person?

Any advise and or comments would be appreciated. Thanks!