business type

[J.D. 0]

Are you guys / girls using a business name for all your transactions?

 

If so are they "properly management" type names as Michael states in the manual?

 

I'm having cards made and I'm not sure about using a business name yet or just my own name.

 

I noticed many of you have mentioned using an LLC, which is what I would like to do too but I think I should do a few deals first.

 

Does anyone do this through a trust?

 

Thanks

JD

[MichaelC 160]

JD, you will want to use a business name and entity for doing deals. It's always best to separate your personal assets from your business transactions. So decide on a name and use it on your business card.

Setting up an LLC is about a ten minute process, by the way. Visit your state's Secretary of State website for info.

[J.D. 0]

JD, you will want to use a business name and entity for doing deals. It's always best to separate your personal assets from your business transactions. So decide on a name and use it on your business card.

Setting up an LLC is about a ten minute process, by the way. Visit your state's Secretary of State website for info.

 

 

Thanks MC.

 

An LLC is the way to go then. LLC baby!

I have a nominee trust set up from last year but I never ended up using it.

 

Are you or anyone using a name that suggests being a property management comp. or something in the home solution vein? Just looking for some direction.

 

I would like trying to leave to open, not to pigeon hole it like just leases.....u know?

I think people would just think the of the usual type of property management.

Any info (as usual) is greatly appreciated!

 

JD

[Dustin 0]

The name does not matter too much as long as it does exist because this structure is a legal thing for protecting assets as well as yourself from potential lawsuits, pray thee never encounters one. Lets say, for example you have 10 properties all in your personal name. Someone decides to sue you for all your worth....those 10 properties go bye bye.

 

Now, if they are under a business name... the story would be different =).

[dionwisn 0]

JD, you will want to use a business name and entity for doing deals. It's always best to separate your personal assets from your business transactions. So decide on a name and use it on your business card.

Setting up an LLC is about a ten minute process, by the way. Visit your state's Secretary of State website for info.

 

 

Thanks MC.

 

An LLC is the way to go then. LLC baby!

I have a nominee trust set up from last year but I never ended up using it.

 

Are you or anyone using a name that suggests being a property management comp. or something in the home solution vein? Just looking for some direction.

 

I would like trying to leave to open, not to pigeon hole it like just leases.....u know?

I think people would just think the of the usual type of property management.

Any info (as usual) is greatly appreciated!

 

JD

 

 

 

Just be careful with the name of your company. You really should'nt use the words property management or realty if your not licensed. I recently changed mine to first coast management and realty and Michael scolded me for it. Looks like I'll need to change it again.

[J.D. 0]

Hi,

 

Thanks for the input.

Yes I agree about the realty issue. I thinking of staying with the "home solution" angle. Although I've seen a few out there with the same?

 

JD

[MichaelC 160]

I use Carbo Properties, for example. Specific enough so that someone with a pulse should have an idea I'm not selling cars. But general enough so that I can't be accused of brokering real estate without a license.

[J.D. 0]

Thanks Michael.

 

Thats a definite option. (no pun intended!)

Real estate related and basically covers it all!

[Craig 0]

JD: The corp shell works good to protect you and your assets. If you also create a trust for each transaction it will create a rock solid shell. Lets put it this way I have never heard of a Trust that has been penertated. The trust has been used for hundreds of years with much success. The are very easy to set up, if you need the paper work I can point you in the right direction. Also if you want to use my corporation as a trustee we can arrange that. Also its smarter to use a out of state trustee and don't name the trust the address of the property.

 

The trust is miss understood and is harder to convince the homeowner it helps them more than having a lawyer in their family but its very true.

 

 

 

Are you guys / girls using a business name for all your transactions?

 

 

Does anyone do this through a trust?

 

Thanks

JD

[Dustin 0]

Craig...can you explain the trust some more and what thats all about? I would like to know and it seems interesting especially when you mention double layers of protection.