By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Limited Liability Company (LLC) Attorney
Many corporations own property and assets in various states and throughout the world. But what about a limited liability company (LLC) registered in New Jersey? Can it own property outside of the state, such as New York? Well it turns out that they can, but they need to first register with the State of New York before they can purchase property or operate there to begin with. The business will be responsible for any New York state property tax it incurs when it owns property in New York. New Jersey will however allow you to deduct your New York tax bill from your New Jersey tax depending on how you apportion your business income and expenses between the two states. Finally, possible inheritance and/or estate death taxes on a member’s interest in an LLC operating in both New Jersey and New York may be due depending on the size of the LLC and the partner’s interest in it.
To discuss your NJ Business and LLC matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at firstname.lastname@example.org. Please ask us about our video conferencing consultations if you are unable to come to our office.