Setting Up An LLC ??
Hello Fellow investors,
I have a question for anyone with an answer. I'm getting ready to take the plunge in REI, but I was wondering if it would be vital for me to form an LLC before begining my business ventures. I'm looking to team up with my Dad who is a contractor and we're going to use his credit and $$ and my leg work. Any info. would be appreciated.
Thank you in advance
A consultation with an Attorney, and an Accountant would be wise before forming a formal business structure. This will clarify which structure (if any) is best for you and your situation. It will help you consider any asset, liability, and tax planning issues as well. The prevailing volume of advice is that you should wait until you have a couple of properties under your belt, and are sure that you will be playing investor more than once or twice.
The costs of forming an LLC do not have to be high, and LLC's are the entity of choice for many investors in real estate. It's a simple process once you've made an informed decision to do it.
Good Luck,
Jeff
Thank you Jeff I appreciate the advice.