ARE THERE DOWNSIDES TO SETTING UP AN LLC IN MY SEARCH STATE NOT DELAWARE?
I am starting a self-funded, geographically restricted search in the DC area (DC, Maryland, Virginia). I will be searching from DC itself. Two questions:
- Are there any downsides to not using a Delaware LLC? What I've read online is you often have to set up a foreign company in your search state if the LLC is external which just sounds like extra complexity
- Is the LLC I set up to search the same one that will purchase the company? This is relevant for me because DC taxes ~10% of district-based LLC profits