I’m not even so much worried w/ protecting myself at this point… I haven’t done my first deal yet. What I want my LLC for is so I have a business name to put on my marketing materials. It seems to me that having a business would give me more credibility than just telling sellers that I am just an individual person that wants to buy houses (even though I am). Someone in my REIA group knows a site that you can form an LLC for about 75 bucks… not too bad.
That’s what I use my reputation and business references for…
Keith
I don’t have a reputation or references yet. I’m trying to get that first deal going. Is it a bad idea to spend the $75 to get a company name?
No…but why not kill two birds with one stone and set it up prpoerly for asset protection also?
Keith
What do you recommend? I’m not too familiar with all this.
$75 depends on the fees in your state. Tx is $300.
then you need:
taxpayer ID number
tax elections
management agreement
what do you actually mean by “set it up prpoerly for asset protection also”
I mean: Rather than set it up just so he can tack “LLC” on the end of his moniker, he should properly structure the entity based on the style of investing that he is doing and then use the entity to protect his assets.
Keith
Oh fine ! thanks
you do not need an LLC to have a business name so you can put it on marketing materials.
go to the county clerk and ask them how to file a “DBA” (doing business as). this is the easiest way to put your business name on marketing materials.
good luck!