LLC's

General Real Estate Investing
1

Whats the best way to go about making my real estate invesment business an LLC…ive been looking at different websites…is their any thing you all reccomend…how long does the process ususlay take and what things will my partner and I need to obtain an LLC…thanks…

2

You can do it online at legalzoom and they will also give you a free consultation if you like.

3

Hey,
Incorporated my LLC at smallbiz.com for about $400 which included all the legal stuff including articles of incorporation, operating agreement, seal, and a resolution to open a checking account. They also filed with the state for me. You can file online with your state yourself most likely. You could also use prepaid legal and it might even be cheaper for your articles and agreements. You will also probably in time a certificate of account status from your state comptroller, an EIN from the IRS, and a DBA from the county or city you are operating in. Now that I have a template of sorts I will probably do it myself to venture into another state using my prepaid legal plan to review.
Peace,
Richard

4

thanks for all the help guys…Let’s say i have my LLC filed in Maryland does that affect the way I do business in VA?..because we will be filing our LLC in Maryland but most of our business early on will be in Virginia

5

Hey,
Going into another state means you have to file with that state as a foreign corporation - they still have to know who you are and who to tax. Sometimes, as I recall, it is cheaper to have an LLC for that state. REO, I believe, has a seperate LLC for each state he works in and some investors have a seperate LLC for each property they own. Once you get proficient in setting one up it appears the easier it becomes to incorporate your business.
Peace,
Richard

6

what are the necessary items one would order when setting up an LLC? the different sites offer additional items for an extra charge. I would like to get only what i need.

thanks, Diggittt

7

Hey,
This is where you might want to get your legal team member to work. If you don’t have one use Prepaid legal (prepaidlegal.com) which for about $60 setup and about $45 per month will guide you and get you set up right. You will need these folks at some point and you might as well hook them from the start. As you add properties and incomes and sales and buyage you will need a lawyer and an accountant to keep things straight for the feds. Easiest to do it from the git go.
Peace,
Richard

8

i will give them a call tomorrow. i have had the service for 3 yrs now and i am also an associate. (PPL)

thanks, Digg