What resources did you use to learn to use LLCs?

General Real Estate Investing
1

Howdy Investors,

I am a RE Technician but I have little background in LLCs and especially operating agreements. I have spent many hours reading up about them in theory, but I am looking for a definitive resource about LLCs for the Real Estate Investor or at least some direction and advice.

I am not looking for a guru/program/mentor. I am perfectly willing to pay for a good book, but what I’m really interested in is what YOU did to learn about LLCs and actually implement them into your work. I’ve read enough theory to know the benefits of different forms of businesses, but I need to take the steps into practical application. As in, I’m ready to organize this week, but getting this Operating Agreement together has me jazzed. Any thoughts? Advice? Direction?

I guess it all makes sense to me until we start talking about the actual Operating Agreement and what the parameters are to creating minutes, resolutions. If it helps any, I operate in Wyoming.

And who do I go to for council once I have my skeleton together? A CPA? What sort of lawyer?

Crucial thanks, and happy investing this summer,

Nick

2

I emailed you several example documents that may help. My wife and I have now dealt with several different banks. No one has ever questioned anything regarding the operating agreement. We have to provide a copy of it when working with a bank for the first time, but no one has ever had a problem with any of the wording. I think you should read thru all of the thread on the Asset Protection / Legal forum. Once you’ve reworked an operating agreement from the samples, you could contact a Real Estate attorney to review it. Don’t go to a family lawyer or criminal defense attorney. You want someone who deals with real estate. Our attorney focuses on real estate issues and has built a business around that. I have a separate family law attorney. Think of it like doctors. You wouldn’t go to a podiatrist with a respiratory issue.