Setting Up LLC

Comments(7)

• 
  JasonVanOrden27th June, 2005

  boysoniodine,
  
  Legal advice is always a safe bet, but you can save a lot of money if you are comfortable doing a few things yourself.
  
  I set up all my LLCs myself. Usually you just need a couple pretty basic documents that you take to be certified or stamped. You probably need Articles of Organization and an Operating Agreement in your state. See if you can find a colleauge in your area that has copies that you can base yours off of.
  
  You should be able to find a web site for your county that lists where to go to register. You may be out a hundred or so in fees rather than a few hundred to a lawyer who is going to use a template anyway. In fact, his secretary is going to use a template. He may never even touch it.
  
  So basically:
  
  1. Prepare Articles of Organization and Operating Agreement (ask around and see if you can find an investor with a sample you can look at and change the names and addresses)
  
  2. Call the IRS for a TAX ID
  
  3. Call you county and find out where to take your documents and pay your fees
  
  4. Open a bank account
  
  Of course as usual, I am not a lawyer and this is in no way legal or professional advice.
  
  Hope that helps.
  
  Jason Van Orden
  
  P.S. If this is just your first deal and you do that in your own name, it is not the end of the world.

• 
  boysoniodine27th June, 2005

  Quote:
  On 2005-06-27 21:08, JasonVanOrden wrote:
  boysoniodine,
  
  Legal advice is always a safe bet, but you can save a lot of money if you are comfortable doing a few things yourself.
  
  I set up all my LLCs myself. Usually you just need a couple pretty basic documents that you take to be certified or stamped. You probably need Articles of Organization and an Operating Agreement in your state. See if you can find a colleauge in your area that has copies that you can base yours off of.
  
  You should be able to find a web site for your county that lists where to go to register. You may be out a hundred or so in fees rather than a few hundred to a lawyer who is going to use a template anyway. In fact, his secretary is going to use a template. He may never even touch it.
  
  So basically:
  
  1. Prepare Articles of Organization and Operating Agreement (ask around and see if you can find an investor with a sample you can look at and change the names and addresses)
  
  2. Call the IRS for a TAX ID
  
  3. Call you county and find out where to take your documents and pay your fees
  
  4. Open a bank account
  
  Of course as usual, I am not a lawyer and this is in no way legal or professional advice.
  
  Hope that helps.
  
  Jason Van Orden
  
  P.S. If this is just your first deal and you do that in your own name, it is not the end of the world.
  
  
  
  
  Jason,
  
  Thanks a ton for taking the time to give me this advice. Sounds like your a pro at this. I will take your advice and run with it. Anyway to save a few hundred dollars always helps.

• 
  d_random5th July, 2005

  For those in NC, you can set up a LLC for free, I think this is the link:
  
  http://www.secretary.state.nc.us/corporations/#

• 
  vikingchild7th July, 2005

  In CA the state website has all the forms needed to open an LLC. The operating agreement is specific to your own companied needs. I searched for sample operating agreements on the internet and adapted it to my own needs. Then my lawyer reviewed it, made some changes.

• 
  RonInAZ10th July, 2005

  what they owe has little to do with what you should offer.
  How much do you think the house is worth?
  How much are you willing to pay?
  Both of those would seem reasonable and have nothing to do with what is owed.

• 
  rmdane200010th July, 2005

  and...what are you planning to do with the property? Rehab? Flip? subject to? The seller in pre-foreclosure? Why are you buying the property?

• 
  spamwurst10th July, 2005

  I plan to live in the home, the property is REO. No rehab is needed.