pls help me understanding or send me t0 a good www.site or book to help me get started building a limited liability corp.
and if i even need 1 to group investors to have the financing for new construction>???
I have contractors ready buisness plan in the works but need the cash to get new construction started.
Hello,
These guys are great. I have recently went from being a “We buy Houses” guy to a “We develop condos” guy. This law firm has helped us with simple LLC docs to close the transaction in the name of an LLC. It sounds like I work for them, but am just a very happy client. They also put us in touch with a fantastic lender to help us make the jump. In addition, they said that they could put us in touch with private investors if we needed them.
What I did with my attorney is asked him to create a blank LLC Articles document that I could use in each state and the directions on where to go to file, etc. So now, I can close with my simple LLC agreement very quickly. I do the filing myself rather than pay paralegal fees to file.
Then, I put on a yellow note pad what the Operating Agreement should look like.
Me, 50 % share, managing member, no money contribution., Heirs 1, 2 and 3 in case I kick th e bucket.
Investor B., 25% share, contribution of $200,000.,…Heirs 1 and 2, etc.
If you go to this web site, click on the link that says Real Estate Transactions.
http://www.linowes-law.com/practice.cfm
One of the best moves I made was contacting a very good real estate attorney.
They really helped me build my team and with them doing the legal gave my investors all of the confidence in the world…that I was doing things by the book.
Hope this helps and good luck.
Good advice bluechip!!! Your best bet is to contact a local RE attorney, as state laws vary. Here in the great nation… er, state of Texas, LLC’s are subject to certain taxes and aren’t always the best entity. A good local attorney, or even a CPA will understand the legal and tax implications of using various entities. If you can’t afford an attorney, one will be provided… wrong script… a good book for a basic overview is Own Your Own Corporation in the Rich Dad series, but for the intricate details you will need when actually implementing a strategy, I cannot stress enough, you should use a competent professional, one that will be liable if they provide false information. You’re looking at complicated issues ranging from tax consequences, to potential law suits if you lose other investor’s money. A good professional is worth their fee. Happy hunting and God bless!!!
thanks to both of you it really helped i have spent the week woring on it.
I have investors ready and i went to the state office and got an llc doc.
I also forgot to mention that i did a local search for a real estate lawyer.
Its in the works. yeay