Lawyer or Accountant or Internet???

General Real Estate Investing
1

I need to set up an LLC. I spoke to a lawyer yesterday who said i was basically looking at somewhere in the $1000 range. Then i read on another thread that it is possible to get it done via net at only $75. What would an accountant charge to do this? Which is safest and easiest.

Another question, i heard that if you set up an LLC through the state of Nevada that it is almost impossible for an individual to find out who owns the LLC (if someone was looking to sue you) and that they couldnt find out any information on you, i live in Ohio should i be setting up my LLC through Nevada? And how does that work.

Thanks in advance.

2

for comparison, I charge $200 plus the cost to whatever state you’re in.

for this you receive:

the LLC (certificate of formation)
articles of organization
management agreement
tax ID number
tax elections for how you choose to tax the LLC
free advice.

attys like for you to think that they are thinking up stuff, when really this is nothing more than a form. then they charge by the minute for lots of words that they pretend that they came up with. there’s nothing here that you couldn’t do yourself if you were willing to spend the time to research and do it.

don’t get me wrong. there are times when an atty is indispensable. this isn’t one of them.

Nevada aids in anonymity because ownership is not reported to the state. This is great if you’re investing in NV. If you invest in another state, and the lender requires you to register as a foreign entity in that state it will 1) cost you more money; often more than registering in that state to start with and 2) eliminate the anonymity as you will probably be required to report ownership info to state #2.

It’s good in theory, but in practice anonymity is difficult to achieve. Banks, title companies, county clerks, virtually everyone reports stuff to everybody else these days.

3

Thanks for the info. By the way i think it is awesome that you get on here and help people out. So is the free advice something that most CPA’s do?

I am in Ohio.

Thanks

4

no. I’m a nice guy. good looking and humble, too.

5

All that and then some, Mark! You’re a “National Treasure” here and we’re lucky to have you!

Keith