LLC Kit And Forms
Hi everyone,
I will be forming 3 distinct LLCs. within the next 1 month to purchase 3 properties.
Can someone recommend to me where to purchase the LLC kits (binders, certificates, stamp etc.)? I will also need electronic versions of the operating agreement, sample vesion of meeting Minutes etc. etc.
Since I will be creating 3 LLCs within a short time I am hoping on buying most of the above as a software package that I can use over and over with little up front cost.
Your advice and recommendation will be greatly appreciated.
Vaughn...
Thank you very much for your responses John and Kim.
Unfortunately, although filing can be done online it is a little expensive - presently $300 per LLC in Tx. But there is no way around that.
I was looking for the operating agreement etc. but as John says it is quite informal...so I guess that I can create that myself. So that would answer my question.
This is my intention: They are all rental properties. And the primary reason behind this is asset protection. My first LLC will be a home based business (claiming all regular business expenses etc., with income from 1 rental property). The last 2 will have a suite # as the mailing address. The last 2 will have expenses/income specific to that property only.
Yes I would need to open 3 banking accounts for the 3 LLCs.
John / Kim - you all being a lot more seasoned than I am - am I missing something here? Is there a flaw in my plan?
I appreciate your responses and advice.
Warmest reagrds,
Vaughn...
Thanks. Thought that was only applicable if LLC made more than 150k gross income.
Thank you very much for that finniganps. Sounds like I definitely need professional legal advice. I will definitely get same, before creating the company structures.
You are safe. Now take a deep breath.
Da Wiz
If you are the grantor of the trust, some California title companies will require you to fill out statement of information.[ Edited by Darryle-CA on Date 04/28/2006 ]
How does this relate to checking for liens or judgements? What exactly do they do with the information? Is it solely for the 1099-s? The check would be paid to the name of the trust.
Also, as regards the comment from the other poster about payment of the debt, I would love to but with a $350,000 unexpected medical bill after my employer failed to pay the health insurance premiums before going bankrupt, I would prefer they wait until I die to get paid. Sorry, call me selfish!
Quote:
On 2006-04-28 14:39, roast85 wrote:
Also, as regards the comment from the other poster about payment of the debt, I would love to but with a $350,000 unexpected medical bill after my employer failed to pay the health insurance premiums before going bankrupt, I would prefer they wait until I die to get paid. Sorry, call me selfish!
Unfortunately, your situation is far too common. We really do need universal care for everyone in this country.
yes
I think you could convert these to business accounts by bringing in your corp docs.
But I would start fresh.
So, yes.
No takers?
Ken, I got lost and confused with your post.
What are you trying to accomplish?
If nothing else, my reply will put you back on top of the list. Good Luck.
[addsig]
As an additional note, I think the IRS considers development of raw land as an earned income activity and not passive income, so an LLC (the members) may be subject to SE taxes in this scenario.
Regards
Ken
[ Edited by highlander on Date 04/30/2006 ]