I’d like to start a small business where I buy and sell land. I plan to buy the land from private sellers then turn around and sell them to other entities, either business or private individuals.
I need to make sure my buying arm is totally separated from the selling arm to make sure none of the land owners have any idea what I am planning to do with the land once I have bought it.
While I don’t think I’ll be needing to be worried about getting sued constantly, I know I should have at the very least an LLC in place to protect myself. However, I have read that DBA’s can be sued as if they were sole proprietor entities. I’ve also heard that places like Wyoming have built in LLC protections. I am located in Minnesota.
The question is, do I keep everything in Minnesota to keep it simple? Or perhaps make 1 LLC in WY and have it “own” a separate LLC in MN?
Any reason to NOT do a WY LLC, such as foreign business fees or whatever it’s called when you file out of state?
submitted by /u/Primal_mode
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