The Entity: Now or Not?
Good evening BP,
As most of you may be aware, the year is quickly coming to an end. Under two months remaining by my last count!
So here is what I am trying to figure out. Should I worry about establishing an LLC now, before the year ends? I just closed my first buy and hold this month with a 30yr conventional and currently it is going through repairs to hopefully get tenants in next month. Hopefully there are renters looking in December but we do have a prospect.
I'm curious to know if it would be good for establishing a business history and such since the business would then be in its second year of operation in 2015. In anticipating using the business to get loans or credit lines to move along with acquiring more buy and holds. I feel like establishing in 2014 could make the business look better for being in existence longer.
I am in colorado and I believe it's just $50 to establish through the state. My property is in Michigan and the Llc members would be myself, my wife and my mother (who will be handling property management)
Any advice would be greatly appreciated!
Rob