Utah has scenery that we can confidently call serenity embodied. Whether you reside (or invest) in the bigger cities, near the brilliant Great Salt Lake, or in one of the state’s many tranquil rural areas, we absolutely understand the appeal of the Beehive State. Investors in Utah have multiple options when it comes to protecting their real estate assets, including their in-state Series LLC. Those of you who want a Series LLC often want to know if the Utah Series LLC is always best for Utah investors. The answer is “not necessarily,” because it depends on the investor. Utah investors aren’t forced to use Utah Series LLCs. Learn all about picking Series LLCs for Utah investors in this quick explainer.
How Does Utah’s Series LLC Compare to Other States?
The Series LLC is an entity you can form in over a dozen places, including Utah. What nobody tells you is that you have the freedom to travel wherever you like to form a company. And you don’t even have to physically travel to your destination state, so long as your signature on paperwork does. It can help to seek legal counsel with a presence in your state-of-formation–but an attorney in Utah may still help you form Series LLCs in other states. If one lawyer won’t or can’t, another can and will.
You can even ask your attorney their opinion on our favorite states for forming the Series LLC. In order, we’re big fans of:
These are our top four picks as of Summer 2019, although investors should recognize that the law is always evolving. Changes in law can add more states to the pool of selections, change how a state’s Series LLC works, and cause many other rapid developments that change the legal landscape. It’s always best to check with someone qualified and aware of your personal situation before establishing any company for asset protection. Even if you don’t have a lawyer, you can get a consultation with one.
How Can Investors Pick the Best Series LLC?
Picking the best series LLC will depend on you doing several basic things:
- Performing good research. Of the above four options, can you think of your personal pros and cons for each? If not, keep digging for more information about these Series LLC choices.
- Getting professional help. Only a lawyer can establish a Series LLC for asest protection, assist you with the necessary paperwork and property transfers, and give you personalized advice. If you want your Series LLC to do its job, an attorney’s your best bet.
- Making good judgments. What does your business need most? If you save loads by skipping on state income taxes, focus on states like Texas that lack it. Strong asset protection laws are also found in Texas and the other states above, but of course they vary. Which protections matter most, and where do you think your business should be based out of? Essentially, you’re going to pick which rules you’d like to follow.
If you do those three things, you are ready to move on to establishing your Series LLC. The same is true if your attorney says it is, because above all, that’s your point person on Series LLCs for real estate asset protection. When in doubt, ask for help. Until then, enjoy your new Series LLC and the freedom from worry about lawsuits. Life is calmer once you’re protected.