Starting A LLC Or Corp What To Do In The Meantime?
Hello all, I'm new to this forum and I must say this site is a gem find for me. I'm used to posting on forums like this but for cars.
I'm starting a LLC or Corporation very soon, I haven't had a chance to speak with a attorney on which structure I will go with but my question(s) is/are in the meantime while I'm putting the business together I plan on making as many contacts as possible, learning as much as I can on foreclosure deals, and which methods I have at my disposal for funding my first few deals.
I want to know how long does forming a corp or LLC usually take, I've formed two businesses prior to this in the form a general partnership and that process took literally a couple of days. I've read a few books and searched online for educating my process on foreclosure buys and all have stated DON'T BUY RE IN YOUR OWN NAME. So once again what to do while the corp is being formed, should I really bust butt on looking into as many areas as possible to buy RE or actually go look at peoples property??
Any advice/help will be much appreciated, thank you
Setting up an LLC/Corp in CA takes just a few days using an attorney or a service. You might consider holding title in a trust until your LLC/Corp is up and running. Check out the Business Forum/Law and Legal Forum. There are several posts there that may be helpful. Good Luck![ Edited by maiapapaya on Date 02/11/2004 ]
Thank you, I take it you do most of your investing in CA. Did you form a LLC/Corp which route did you take, do you have a living trust set up yourself for REI?? Which part of start up was the most complex/hardest for yourself??
When you were starting up what were the 3 things you did before everything was in place for you?
Sorry for the all the questions but I love to hear experiences and insight from all areas as possible, I've learned to ask as many questions possible.
There's a lot of conflicting advice to be had re: LLC/C/S. One thing I learned, if you're in CA don't bother with a Nevada Corp. There's no real benefit, and it cost more to set up -- $250 in CA, $1400 in NV. I read Bill Bronchick's "Flipping" book and he recommended starting as a S and once you start doing more deals, moving to a C. I took the advice of an attorney who does REI on the side, and went with a C to start. The tax benefits seemed better to me, even after speaking to several CPA's who thought a S would've been better. I used an attorney to set up the C, but I hear you can do it yourself. Bronchick's got a program which explains it all, altho I didn't buy it at $250 or so.
PM me for more details on starting in REI, I'll be happy to talk to you. [ Edited by maiapapaya on Date 02/13/2004 ]
Thanks, check your pm box