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Jun 2, 2020
7:49:27am

JimmyZ Truly Addicted User

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This message has been modified

Originally posted on Jun 2, 2020 at 7:49:27am

Message modified by JimmyZ on Jun 2, 2020 at 7:56:51am

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JimmyZ

Previous username: Cretin
Bio page: JimmyZ
Joined: Jun 6, 2008
Last login: Sep 20, 2024
Total posts: 77,595 (40,112 FO)

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Messages

Author

Time

Is having an LLC worth it?

lemonademan

6/1/20 3:48pm

Yes, it is worth it. Some put each property in a separate LLC to isolate the

boogers

6/1/20 3:50pm

I literally just set up my first one and finalized today.

Hoax

6/1/20 3:53pm

If you do that, you have to be very good with the money flows because

Baron

6/1/20 4:11pm

Learn to use quickbooks. Not too hard after you get it.

boogers

6/1/20 4:13pm

It is more than just that. You need separate accounts, agreements between the

Baron

6/1/20 4:15pm

Edit: To be clear the complexity I am focusing on is putting each property in a

Baron

6/1/20 4:19pm

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JimmyZ

6/1/20 4:27pm

Talk to attorney. It's worth the $$$. The upfront is cheaper than loss from a lawsuit if you do nothing.

6/1/20 3:51pm

It is.

6/1/20 3:52pm

Depending on the state you can do it yourself for almost nothing. Utah was very

TheSpiker

6/1/20 3:54pm

If you are in Utah go to

TheSpiker

6/1/20 4:02pm

Do it directly from the state and not through a service - saves money.

6/1/20 3:59pm

Thanks for the Tips

lemonademan

6/1/20 4:28pm

I'm am an attorney and organize LLCs for clients all the time. A few issues:

PoolBoy

6/1/20 4:26pm

Usually easy to form. Worth it for liability protection issues.

LifeLongLakerFan

6/1/20 4:27pm

Yes, if you use it right and respect the formalities. Otherwise, no.

mkg

6/1/20 4:46pm

I am an attorney. If you have the money to buy rentals you have the money to

vegasnative

6/1/20 5:51pm

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JimmyZ

6/2/20 7:49am

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