OfflineHello,
I was wondering if any of you set up your LLC or business entity right away before doing any deals? I have gotten mixed responses about whether to set one up right away. I know it has its advantages, but it is expensive for us to join the tax club to get set up. I didn't know how important it is to set up. I don't want to sign a contract and be held personally liable, but right now my main focus is assignment of contracts so I don't own any homes. Any ideas?
Thanks.
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DOnt do it yet, I suggest if your buying and holding proerties get it and build biz credit.
If your doing assingment of contract or bird doggin dont.
After you get working capital you can do it.
Get some deals under your belt first
If you are just doing assignments right now i wouldn't worry about it. Go and talk to a CPA and see what they advise you to do for your area.
Randy
www.adeptpropertiesllc.com
Go to your States Secretary of state website and type in LLC and Find the forms for filing the Articles of Organization,and find out the cost to file.
It may be alot cheaper that way,I file mine that way for $75.00 in my state.Hope this helps you.
whurndon
H&H PROPERTY SOLUTIONS LLC
Thanks everybody for the quick responses. Your answers really help. Another question. When using or drafting contracts, do you use a real estate attorney to review the contracts to make sure everything is covered?
Thanks.
It is always a good idea to have a lawyer look at your contracts. Especially if you are writing them out. There will probably be a fee but, it is worth the money to make sure the contract is written properly. Make sure you look for a lawyer that deals in RE and has some knowledge of assignments...Jan