Ok, let’s talk about LLCs. My attorney told me that most investors make a separate LLC for each of their properties. thoughts?
Also, can I make one mother ship LLC and all the others would be dba’s? example, I name my mother ship Mike’s Properties, LLC. then what? make my first property be “Mike’s Properties, LLC d.b.a. 123 wilson st. LLC”?
This topic has been discussed in length several times recently over at the Asset Protection forum, head over there to find your answer.
Waste of time and money.
A DBA is just a different name for the same company. What you propose is just 1 LLC.
I’ve heard of people who use a DBA on an LLC, but I don’t know why someone would do that when you can name the LLC whatever you want, as long as that name hasn’t been taken already.
It’s done for marketing purposes. Different name and target, but the same administratively.
Our LLC that was started (and still operates) in IL has a word in its name that MS will not allow. So in order to register it here as a foreign entity to do business in MS, we had to file for a DBA.
Thanks for explaining that Justin, I learn something new every day on this forum.
I suppose you can use one or several DBAs for your business to give you a local appearance no matter where you have your home base. Let’s say you are based in Atlanta GA and also want to do business in NC and SC. Your business is registered as “Homebuyers of Atlanta”.
If you are expanding your operations to Charlotte NC, and Columbia SC you might give your business a local appeal if you register your business in NC with a DBA of “Homebuyers of Charlotte”; and in SC with a DBA of “Homebuyers of Columbia”.
To further the impression that you are a local business in Charlotte and Columbia, You would also purchase metro area telephone numbers in each city that automatically forward all calls to your home base. Maybe a couple of those magic jack phone things from Radio Shack will do this for you.