I'm in the process of creating an LLC for the purposes of collecting a small (4 figures) amount of passive income from some farmland I own.
...
State of Indiana.
...can anybody weigh in on if there is any real reason not to list myself for this? It seems absurd to spend ~5% of this LLC's profit on registered agent fees.
Auxiliary questions:
If listing myself, I need to list my "day job" address or my home address?
What happens if they attempt to serve me papers and I'm not home at the time?
If it is strongly recommend that I pay a service, does anyone have a recommendation in the state of Indiana?
Thanks!
Not from Indiana; intrigued. In my state, you're not required to have an agent, only to be responsive if you're mailed or served (last I checked). So I Googled...take my results with the necessary grain of salt.
Per link below, "The agent must be also be available during normal business hours to forward any service of process, notice or demand pertaining to the entity to the appropriate individuals." That seems to answer most of your questions - either you're willing to be served legal papers at your day job, or you need an agent.
https://startingyourbusiness.com/indiana-registered-agent/I agree that if you want an LLC for a $1000/year "business", it looks like the agents will cost 5% or so.
https://www.incsmart.biz/IndianaRegisteredAgentBut $50 to actually be available isn't crazy (in my humble opinion after starting an LLC or two elsewhere). You'd fulfill all your stated purposes (experience, etc) even if you paid it. To get a smaller percentage, you'd need to earn more!
If you want to Mustachily DIY it and yet not get served at work, get a neighbor who stays at home to be the agent. Maybe nothing bad will happen!
Heck, how often are you going to get sued, or served a big collection notice by a creditor? Maybe just give them your work address.
Again, I have no Indiana experience, just offering my version of common (?) sense. Also - not a lawyer, not giving legal advice. :)