OfflineHello,
I am going to incorporate myself with a Single-Member LLC. I want to separate my personal assets from those of my future investment transactions. Also it will give a certain level of credibility when working with sellers.
One option is to go through one of these one stop shops like Nevada Incorporated HQ. They file the paperwork and register you. They also say they will help you to obtain a business line of credit, which would be very helpful.
Does anybody have an opinion on whether these one stop shops are worth the extra pay? Seems I could do it for a lot cheaper if I did it on my own. But on the other hand, I am no business expert. And there is comfort in dealing with professionals like these.
Any opinions or words of wisdom?
Thanks, Jeff
but it is easy to set-up a new entity in most states. I like doing them for myself but I have 30 years of experience doing them. But the only way you learn is to read and practice. Hope this helps.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
Google >> The invisible new mexico LLC. There are no annual fees or reports which means changes in ownership are not of public record.
I used Legal Zoom....and then found out later I probably could have done it myself. Do you want to pay someone to have it done right? Or do you have the time to research and read to do it yourself?
Unless you have started to knock down deals there is no need to rush into setting up a LLC. Yes it is true that there is liability protection there for you but unless you have properties to list under the LLC, I really don't see the need. As far as making yourself look credible, you are in charge of that department. Just because you have LLC on your business card does not make you a reputable investor. Dealing with buyers and sellers in an ethical way will give you the desired results you want.
Jeremy and I had a few deals under our belt before we talked to our accountant and attorney about forming our LLC. Here in NY state it costs approx $1000.00 to form and we left that to our attorney who is a RE investor himself along with our accountant who also invests. It has it's pros and cons for forming at such an early stage. Research it more before you jump.
Also the credit lines you talk about can be obtained just as easy without forming. Just make sure your FICO scores are up there and your available credit on your credit cards are abouve 50%...Hope this sheds some light for you..Good luck...Jan
Louie what is this, The invisible New Mexico LLC, it almost sounds scary. Do you use this? Tammy
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