• December 2019
    M T W T F S S
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What is the best state to form an LLC to hold my brokerage account? I’m looking for protection and live in NY State.

From a practical standpoint, it may be easier to set up shop in New York. Certainly there are tactical considerations for forming in other states as well. The most popular states are typically Delaware, Wyoming and Nevada because of their attractive regulations and low costs to maintain. Most LLCs that form in different states from where they are located do so for specific reasons that are unique to their company.

Your best bet is to consult a lawyer. Speaking with a lawyer that is business savvy and has experience in these types of legal matters can make your decision much easier. Despite this being somewhat inconvenient, your LLC could avoid unnecessary expenses and litigation, and limit overhead simply by just speaking with a knowledgeable lawyer.

Remember that you will need to foreign quality your LLC in order to transact business in every other state other than your state of formation. So, it’s advisable to speak with a lawyer about your foreign qualification costs and any other ongoing fees with the state where you are transacting business.

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