- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
advice on llc set up for renting condo
Posted on 4/2/19 at 5:21 pm
Posted on 4/2/19 at 5:21 pm
i am planning on buying a condo near lsu for renting out
i have been told i should set up a llc
any advice on that
legl zoom has a lot or i may find a lawyer in br
i live in texas
also i was told to set it up and bank account first and put condo in the llc
i plan on paying cash
any helpful suggestions is appreciated
i have been told i should set up a llc
any advice on that
legl zoom has a lot or i may find a lawyer in br
i live in texas
also i was told to set it up and bank account first and put condo in the llc
i plan on paying cash
any helpful suggestions is appreciated
3
Posted on 4/2/19 at 6:22 pm to Thecoz
Go to Louisiana’s Secretary of State website. Register your business. 105 bucks and takes 15 minutes. Transfer title to llc at title attorney office. You can do the bank account after you set up the llc if you want the account in the business name. You may want to learn how to type first.
Posted on 4/2/19 at 6:49 pm to Thecoz
1) Go to Sec of State website and fill out information needed to form LLC
2) Apply for EIN with the IRS
3) Take your EIN letter, and your certificate from the state (may take a few days, they can usually e-mail or fax it to you if you call them) and go to a bank, set up account
4) Transfer money into LLC bank account
5) Buy house
6) Use the LLC - have the rent checks deposited into it, and pay all expenses out of it. If there isn't enough money in the LLC account to pay bills, deposit more personal money.
Important thing is to actually use the LLC. The whole point of an LLC with rentals is to protect your other assets in the event something goes tits up with the rental. If you don't actually use the LLC to handle operations, a good plaintiff attorney will blow the LLC up and you will lose your asset protection.
2) Apply for EIN with the IRS
3) Take your EIN letter, and your certificate from the state (may take a few days, they can usually e-mail or fax it to you if you call them) and go to a bank, set up account
4) Transfer money into LLC bank account
5) Buy house
6) Use the LLC - have the rent checks deposited into it, and pay all expenses out of it. If there isn't enough money in the LLC account to pay bills, deposit more personal money.
Important thing is to actually use the LLC. The whole point of an LLC with rentals is to protect your other assets in the event something goes tits up with the rental. If you don't actually use the LLC to handle operations, a good plaintiff attorney will blow the LLC up and you will lose your asset protection.
Posted on 4/2/19 at 6:54 pm to LSUFanHouston
thanks
good advice
yeah i was told to pay everything out of llc and pay others to do work out of it and not do stuff myself otherwise a lawyer could go around llc to me if my repair caused a problem
yall carry insurance on the llc and property?
thanks
ps any spelling errors???
good advice
yeah i was told to pay everything out of llc and pay others to do work out of it and not do stuff myself otherwise a lawyer could go around llc to me if my repair caused a problem
yall carry insurance on the llc and property?
thanks
ps any spelling errors???
Posted on 4/2/19 at 7:03 pm to Thecoz
Wouldn’t you have to refinance with a commercial (non-personal home) loan? Or am I mistaken
Lazy me. Didn’t fully comprehend. Carry on.
Lazy me. Didn’t fully comprehend. Carry on.
This post was edited on 4/2/19 at 8:03 pm
Posted on 4/2/19 at 7:39 pm to jimbeam
quote:
Wouldn’t you have to refinance with a commercial (non-personal home) loan? Or am I mistaken
Sounds like the OP hasn't bought the property yet, and is paying cash.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News