forming LLC (by JT [GA]) Oct 23, 2015 5:46 AM
forming LLC (by rani3182 [TX]) Oct 23, 2015 6:36 AM
forming LLC (by John... [MI]) Oct 23, 2015 6:56 AM
forming LLC (by JT [GA]) Oct 23, 2015 10:25 AM
forming LLC (by John... [MI]) Oct 23, 2015 12:10 PM
forming LLC (by JT [GA]) Oct 23, 2015 1:51 PM
forming LLC (by MB [WI]) Oct 24, 2015 3:26 AM
forming LLC (by John... [MI]) Oct 24, 2015 7:45 AM
forming LLC (by John... [MI]) Oct 24, 2015 7:45 AM
forming LLC (by Barb [MO]) Oct 26, 2015 2:01 PM
forming LLC (by JT [GA]) Oct 26, 2015 3:31 PM
forming LLC (by Lynn [GA]) Oct 26, 2015 9:12 PM
forming LLC (by Nicole [PA]) Oct 27, 2015 6:25 AM
forming LLC (by JT [GA]) Posted on: Oct 23, 2015 5:46 AM Message:
State Specific Question About: GEORGIA (GA)
Is this something I can do w/out a lawyer? --50.167.xx.xx |
forming LLC (by rani3182 [TX]) Posted on: Oct 23, 2015 6:36 AM Message:
yes... all the forms should be at your state comptrollers website and i found the texas one fairly easy and simple to do!
Plus if you have questions you can call their help line. --168.88.xxx.xxx |
forming LLC (by John... [MI]) Posted on: Oct 23, 2015 6:56 AM Message:
Things to consider: What is your goal here? Does an LLC accomplish that in your state?
LLCs were not designed to protect or shield managing members from liability. Contrary to what the name might suggest, in many (most?) cases, an LLC will not protect you nor your other assets from a lawsuit if you are found personally negligent.
In other words, I personally think that LLCs are NOT a good solution for what most landlords want. People THINK that they are good based on the name and/or what they hear from people that make a profit off of creating LLCs (and/or their CPAs and other people that should not be giving legal advice related to liability).
So, just wanted to throw that out there. Whenever I see someone thinking about making an LLC -- and especially when trying to do it all on their own without a lawyer to save some money -- I can't help but wonder if they REALLY know what they are getting into...
- John...
--207.241.xxx.xxx |
forming LLC (by JT [GA]) Posted on: Oct 23, 2015 10:25 AM Message:
Thank you for your response, I have three paid in full homes, one which we live in.
Went to a John Adams seminar and he said put properties in LLC to protect myself. Is there another way? --50.167.xx.xx |
forming LLC (by John... [MI]) Posted on: Oct 23, 2015 12:10 PM Message:
There may be ways -- certain corporations might protect you -- but might not.
Do you have an umbrella liability policy for yourself? THAT should probably be your first thing to get -- well before an LLC. Now, some people here really like LLCs -- but, in most cases, even those people recognize that a liability policy comes first and an LLC is secondary (at best).
Finally, my point remains the same: if you want an LLC because you saw some real estate guru seminar -- then you are likely going about this the wrong way. I would talk to a lawyer -- one that does NOT make most of their money from putting together LLC paperwork! -- and find out if they work well in your state.
But, again, if you don't even have an umbrella policy yet -- then consider that well before an LLC, IMO.
Also, on a side note, if your properties are held in an LLC, can you file for eviction yourself in your state? I can't in mine -- because business entities much be represented by counsel, not by an LLC member. So, creating an LLC might actually make it so you have to pay MORE lawyers for anything needed for your rentals! Just something to keep in mind.
- John...
--207.241.xxx.xxx |
forming LLC (by JT [GA]) Posted on: Oct 23, 2015 1:51 PM Message:
Thank you very much! --50.167.xx.xx |
forming LLC (by MB [WI]) Posted on: Oct 24, 2015 3:26 AM Message:
You should check out the book "Start Your Own Corporation" by Garrett Sutton. It's by one of the Rich Dad advisors. It talks about how to make a new company, including an LLC, and how to make it an effective asset protection tool...sounds like having one business entity owned by another business entity along with good insurance is your best bet. It will take a bit of setup, but he gives you several options that should help. --71.86.xxx.xxx |
forming LLC (by John... [MI]) Posted on: Oct 24, 2015 7:45 AM Message:
Whenever someone mentions the Rich Dad stuff (which I also have read, I admit), I like to refer them to John T Reed's thoughts on Kiyosaki:
www.johntreed.net/Kiyosaki.html
The Rich Dad stuff just isn't what it is cracked up to be.
- John...
--97.91.xx.x |
forming LLC (by John... [MI]) Posted on: Oct 24, 2015 7:45 AM Message:
Oh, I should clarify. That doesn't mean that Garett Sutton's stuff isn't any good. I don't know his stuff personally. I just mean that recommending someone based on being a Rich Dad advisor doesn't really mean much, IMO.
- John...
--97.91.xx.x |
forming LLC (by Barb [MO]) Posted on: Oct 26, 2015 2:01 PM Message:
Before you put your properties in an LLC, please speak to a lawyer. In MO, any property in an LLC means I cannot file eviction myself, but must hire a lawyer.
Second, to really protect you, each property should be in an individual LLC, then the LLCs all owned by another, with you as the member of the parent one. That is a lot of work at tax time. --67.43.xxx.xxx |
forming LLC (by JT [GA]) Posted on: Oct 26, 2015 3:31 PM Message:
Thank you everyone for your input and Happy Halloween! Remember when you where a kid! I remember going into a house that the lady was dressed as a witch and she never spoke, just motioned to pick up the candy. Scared the crap out of me! Great memory! --50.167.xx.xx |
forming LLC (by Lynn [GA]) Posted on: Oct 26, 2015 9:12 PM Message:
Just a comment...I recently spoke to a realtor who invests in rental property, and she was looking to refinance a couple of rental properties paid in full. She said that the commercial lender required that the properties be part of an LLC before they could finance them. Never understood why, so thought there might be some far-stretch enlightenment when I saw this topic (really enjoyed the comments). --162.193.xx.xx |
forming LLC (by Nicole [PA]) Posted on: Oct 27, 2015 6:25 AM Message:
the only John Adams I know has been dead for probably 200 years so I'm guessing you're not taking his advice.
BUT, go PAY a local lawyer. Have him take a look at your assets, your debts. Your age - young just starting out or retirement age. Tell him what you want to accomplish. You need to figure out where you are because of your family situation (small children, spouse, etc). You need to at least generally consider estate planning.
These decisions shouldn't be made by someone selling you a seminar, a course or a book ... one size does not fit all when it comes to finances. --72.70.xxx.xxx |
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