In general, if the seller company does business in only one state, organize the buyer LLC in that state. If you're purchasing a company that does business in multiple states, organize the LLC in a business friendly jurisdiction like Delaware. This assumes you're not taking on investors. As far as I am aware, TX is the only state with the homesteading exemption (which shields your primary home, if in TX, from a lender's collateral requirements).

To take advantage of the TX homestead exemption, does the LLC have to be set up in Texas? Thanks for the response Hallam!