A majority of SPVs begin with an entity registration in the State of Delaware or a state that provides them with advantageous tax or fee benefits rather than the home state where the SPV Organizer resides. If your SPV is “doing business” in another state rather than in the state of original registration (like Delaware) then a Foreign LLC registration in the home state or the state where the SPV Organizer resides may be necessary. Some banks require a “local” or “home” (Foreign LLC) registration before they will open a bank account for the SPV.
Read more: https://www.nolo.com/legal-encyclopedia/foreign-limited-liability-company.html