Need Info setting up LLC

Dear RE Gurus,

I am new to investing in commercial RE. I am working with realtors going thru deals. I need your response on the following questions.

Iwant to protect the property with an LLC.
Who would I start with a real estate lawyer or a CPA?
How do I go about finding a good lawyer/CPA in my area?

Thanks in advance for your help.

setting up an LLC is straightfoward. In my opinion, what attys charge for it is criminal. Don’t pay more than $300 plus the state fees.

For this you should expect:

  1. the LLC
  2. Tax ID number
  3. Articles of Formation
  4. Tax advice
  5. Prepared IRS forms for whatever tax election you choose.

Having said that, you DO need an atty to draft an operating agreement; this is what does the heavy lifting.

If you can’t find anyone local, give me a call. I can file the paperwork for you in any state. </shameless plug>

The members’ personal assets are not included in the LLC so these cannot be sequestered. While the number of members in corporations is controlled, LLCs are not as they are more flexible in organization.

If you need help starting an LLC, let me know…I can assist.

Hello, I am looking to setup my first LLC. I met with with an attorney and she is lookin for me to pay $800 for the operating agreement & some other inforation / advice. This does no include my $400 for the LLC. Is this too much?

In my opinion, yes. I typically charge $250 for the LLC setup, tax ID number, articles of organization and any related tax elections, not including state filing fees.

I’m not an atty, and cannot provide an operating agreement, but an extra 550 for a “fill in the blank” pro-docs generated boilerplate agreement sounds high. I doubt his fee would include any “intensive” changes to meet some specialized need.

I would expect to pay less than $500…typically around 300-400 is the norm. There are companies that will do it for you for about that. Same for CPAs as well.