I am looking to purchase a rental property in Illinois and I wish to do this through an LLC for the added legal protection. I currently have a sole proprietor LLC I set up in Ohio a couple years ago for a consulting business I was working on at the time. Would you recommend I just use the Ohio based LLC (for convenience) or set up an Illinois or Delaware based LLC specifically for this rental property? Is it challenging to register/maintain an out of state LLC in Illinois?
Thanks for your help!
1 Answer from Attorneys
Since you will be leasing the property, you will need either to establish an Illinois LLC or have your current LLC authorized to do business in Illinois. I would recommend that you hire an experienced real estate attorney to assist you with your purchases, and your attorney should be able to determine the best approach to handling your new, or newly authorized, LLC.