Posted by Jimmy on December 14, 2007 at 07:23:24:
if the portfolio is in Florida, Florida should be the leading candidate. You need a powerful motivation to use an out-of-state LLC, because you add complication to your life, and extra tax filings and registrations.
In my law practice, we often established Nevada LP’s for our California clients, but we had a really good reason. It had to do with the valuation of the limited partner interests. NV law vested Limited Partners with minimal rights and powers, which fit our objectives perfectly. NV law also gave would-be creditors limited remedies against an LP, which also fit the objectives. TX, SD, AK, DE and other states were also considered to be friendly to our obectives. I can’t remember how FL panned out.
and one more thing: NEVER take generic tax/legal advice from gurus and “experts.” Get specific advice from an experienced Florida buiness/tax attorney. You may learn that an LLC is NOT the best vehicle.