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efete1

attorneys and LLC

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Hi everyone! I am new to the site and to investing in general: I have been soooo impressed with the willingness to help and advise by everyone!

Is everyone setting up an LLC for their business? Who do you use to set it up? I have heard about prepaid legal, legalzoom.com, etc. although some say these are not detailed enough to hold up in the real world and to use an attorney? Anyone just use an attorney? I am in Columbus, OH; any recommendations for good attorneys here who can do creative deals, L/O's, etc.? Thanks so much for the help!

 

Eric

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Eric, Joe is correct. There is no need to pay a third company to set up an LLC for you. Visit your state's Secretary of State website and there will be info there on how to do it. I'm a dope according to my wife, kids, and in laws, and I did it in about ten minutes.

As for any good local attorneys, contact your local REIC. There are probably a few who are members, meaning they are also investors, a big plus.

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Hey Eric. Be sure to do your research about fees and taxes for LLC's in your state. I live in California and an LLC is fairly cheap to set up, but you have to pay an $800 tax each year. Rather than an attorney, you may want to consult a CPA.

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Hey Eric. Be sure to do your research about fees and taxes for LLC's in your state. I live in California and an LLC is fairly cheap to set up, but you have to pay an $800 tax each year. Rather than an attorney, you may want to consult a CPA.

 

Hanson brothers is right. Forming and LLC can EASILY be done online or on the phone via your state's SOS. But, there are franchise taxes on LLC's, or some state's have min. taxes of $200 etc. BUT...PLEASE...PLEASE do NOT make yourself your registered agent!

Google "registered agent companies_______" with your state in the blank.

 

In Texas I think it is $250 now for a LLC, whereas the shmuckidoos charge $750 to file it for you but give you a leather bound notepad. WOOHOO!

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BUT...PLEASE...PLEASE do NOT make yourself your registered agent!

Google "registered agent companies_______" with your state in the blank.

 

Why not? I searched for "registered agent companies California," got about a million hits, most charge between $150 - $250 a year, but none of these sites really spell out why I need their services. I guess the obvious reasons would be more privacy, a permanent location for SOS correspondence, document notification, keeping the company in "good standing," etc... Is there anything else I'm missing? Can I just have my attorney act as my agent, or is it better to use one of these commercial companies? I trust your advice, I just want to understand what I'm doing.

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Hey Guys,

 

I was recently recommended to www.BossOffice.com. They are in Nevada. Ask for team 1 if you call. The attorney's name is Rod Buttars and his assistant is Karl Eickhoff. They are not cheap but I've discovered that there can be a lot of pitfalls and hidden dangers in doing an LLC by yourself. Rod pointed some things out to me that I had never thought of or heard about in the real estate investing arena and after listening to the free consultation, I decided that for me anyways, it would be best to have an attorney set this up for me. Like lease options, doing it yourself can have a lot of dangers if you do not set it up correctly or forget some items. Just be careful. Everyone says it's best to have a mentor and I wholeheartedly agree. The same would apply towards asset protection.

 

Again, this is just an idea.

 

Best wishes to all,

 

Andrew

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