buykguy 0 Report post Posted December 3, 2010 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 Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted December 3, 2010 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. Share this post Link to post Share on other sites
speedingpenguin 19 Report post Posted December 3, 2010 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... Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 4, 2010 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. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted December 4, 2010 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. Share this post Link to post Share on other sites
lhenley 8 Report post Posted December 4, 2010 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) Share this post Link to post Share on other sites
<Steve> 82 Report post Posted December 4, 2010 Just be straight with folks, make disclosures and don't promise anything you can't do and your assets should be covered. Share this post Link to post Share on other sites