LLC/Insurance?

[buykguy 0]

Does anyone have advice on whether or not I should form an LLC before I get into doing L/O's. At this point we are going to focus only on co-op. Should I get liability coverage?

 

Sorry, I saw some other posts that touched this topic and for the life of me couldn't figure out how to delete this post.

Thanks

 

Mike

[Jonathan RexfordFL 8]

I can't stand GURU's that say get a company etc....before you do a deal.

 

I did probably 10 deals before I got my corp set up.

[speedingpenguin 19]

Do you have $$$$ burning a hole in your pocket?

It's $500+ to form an LLC here in MA which isn't much, but is when you're just starting out with limited resources and no other form of income

 

I'll be waiting for another few deals to be behind me before I bother with it...

[MichaelC 160]

Mike, I agree with the guys above. Getting an LLC or a corporation before you've even spoken to a homeowner is foolish. That's putting the cart before the horse. Get some deals done and earn some cash before worrying about protecting your assets. Particularly when doing CA's, which are about as risk free as it gets in this business.

[Jonathan RexfordFL 8]

Besides there has been case law in Florida where single member LLC's have been pierced. So I think if you are thinking about setting up an LLC you may want to consider a multimember LLC or an S corp.

[lhenley 8]

Mike,

 

If you decide to go ahead, you can do it all online. Check the FL Secretary of State's website for forms and instructions.

 

Lynn (FL)

[<Steve> 82]

Just be straight with folks, make disclosures and don't promise anything you can't do and your assets should be covered.