Setting up an LLC or Corp

My father and I want to start investing want to set up an LLC or corp. Which one would be best? We want to start off renting single family and 1-4 unit apartments. Is it easy to do the paperwork or should we hire a lawyer? How do you guys feel about Thanks.

There isn’t enough information to even guess. Each has it’s own advantages and disadvantages. The key is to determine which advantages are most appropriate for your situation.

The paperwork is easy. You just need to be well versed in debtor/creditor law, partnership law, corporate governance, bankruptcy law, estate and probate laws, tax laws and planning, succession planning, insurance, retirement planning, business planning, and corporate finance along with a thorough understanding of the case law and public policy that surrounds these areas.

You don’t need a lawyer. You need a team of professionals who understand the topics I mentioned to craft a plan that meets your individual needs. If you think this is overkill, too expensive, or too consuming, then you don’t need it. Anyone who would suggest to you that a single entity is complete is ignorant of the complexities involved. You are better off doing nothing than doing something that is wrong or incomplete. You will have the same liability profile without the costs.

Legalzoom is fine for filing paperwork and mundane items. If you want things done correctly, you’ll need a professional (preferably a team) who will provide personalized attention and then have your local attorney and tax expert review the work. Otherwise, you’re just wasting your time and money for a plan that will most likely fail when you need it most. These type of document mills focus on producing quantity. They don’t spend the resources to keep current with laws or enough time to properly analyze a client’s situation.

LLC is generally a stronger form than corporation when you have multiple members.

LLC is also more flexible on taxation than corporations.

LLC’s also come without many of the corporate paperwork “hassles.”