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LLC Names

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Rick Doshier

Levelland, TX

Feb 11 '09, 10:41 AM


I am curious to know how you guys name all of your LLC's if you have more then one?

I have formed one LLC and I need to form more for my rental properties, but not sure how to name them.

I need to advertise for the properties or make business cards, I am just confused on how this would work. 10 LLC's and you need to be able to have signs, cards, contracts, Ect. for each one.

Any thoughts would be great

Thanks

Rick


Edited Jun 26 2010, 07:14


Sarah Lawlor

Los Angeles, California

Feb 13 '09, 01:58 AM


Hi Rick,

I work for a corp/llc document filing service and have noticed that our real estate investor clients who form multiple LLCs often name each LLC with the address of the specific property, e.g., "123 Whatever Street 15 LLC".

Good luck with your investments.

Sarah
Sr. Business Analyst, Intuit MyCorporation


Edited Jun 26 2010, 07:15 by Administrator: SOLICITATION REMOVED


Gregory Davis

Real Estate Investor from Owings Mills, Alabama

Feb 15 '09, 02:49 AM


I named one LLC after my college band, two after the name(s) of the streets where I was buying property, and 1 by combining local landmarks/neighborhood names.
Of course, I wasn't creating these LLCs to put on business cards or otherwise market with, but only to hold legal ownership of the properties.


Edited Jun 26 2010, 07:16


Rick Doshier

Levelland, TX

Feb 15 '09, 02:58 AM


Thanks for the replies.

I think I got it figured out. I can name my LLC's any name that I want, and just DBA with my county to use for the name on the business cards and advertising.

I wasnt sure at first, but I do believe this is the way to do it.

Have a great one

Rick

Originally posted by Gregory Davis:
I named one LLC after my college band, two after the name(s) of the streets where I was buying property, and 1 by combining local landmarks/neighborhood names.
Of course, I wasn't creating these LLCs to put on business cards or otherwise market with, but only to hold legal ownership of the properties.



Edited Jun 26 2010, 07:16


Mark N.A

Real Estate Investor from North Carolina

Feb 15 '09, 03:41 AM


I named my LLCs:

RollingInDough, LLC
HighDollarRealEstateHoldings, LLC
ComeGetMeI'mRich, LLC

For some reason I keep getting sued.....


Edited Jun 26 2010, 07:16


Rick Doshier

Levelland, TX

Feb 15 '09, 05:19 AM


LMAO, yeah that could get you in trouble.

Rick

Originally posted by Nc Mark:
I named my LLCs:

RollingInDough, LLC
HighDollarRealEstateHoldings, LLC
ComeGetMeI'mRich, LLC

For some reason I keep getting sued.....



Edited Jun 26 2010, 07:16


This post has been removed.

Greg Boots

Real Estate Attorney from Seattle, Washington

Feb 16 '09, 11:51 PM


Rick,

I would use one LLC or even a corporation as the manager of the other LLCs that hold the rentals. The LLCs that are formed for the rental properties would be structured as Manager Managed LLCs.

All of your contracts, marketing, business cards, etc. would be in the name of the management LLC/Corp. The names of the LLCs that actually hold the properties will then become irrelevant since the real business activities will occur from the management company. I once had a client walk through a parking lot and name his 15 LLCs after the brands of cars in the lot.


Edited Jun 26 2010, 07:17


Joe Delgado

Real Estate Investor from NYC, NY

Feb 17 '09, 12:21 AM


Hello, I am a newbee who is currently waiting for a bank to approve my offer on a short sale for my first investment property. Should I have formed my LLC before the offer, or present the LLC during the contract signing(If it gets that far)?


Edited Jun 26 2010, 07:17


Rick Doshier

Levelland, TX

Feb 17 '09, 11:08 PM


I am just getting more and more confused on the whole idea of an LLC. I have spoken to my attorney and CPA, both give conflicting information.

All I want to do is put rental property in LLC's, and the only thing I am confused on is how to advertise with multiple LLC's.

Example - If I have 10 LLC's with x amount of properties in each one. If I have more then one unit that I need to advertise for and they are in seperate LLC's, how would you advertise, if you dont want to use the LLC's name for each property that you are advertising for.

I thought about just using a DBA in my county and just using that name for all the LLC's, but then that brings up another issue. What if your driving down the road and you hit someone, and all they see is Dos*** Home Buyers and Rentals on the truck, then they find out that it is used for 10 LLC's, to me this leaves the door wide open for all the LLC's to end up in court.

Now another thought I had was to put properties in LLC's and then form LLC and use it for Dos*** Home Buyers and Rentals, this would only be used as a property manager and then I can contract out the labor from my other LLC's to Dos*** Home Buyers and Rentals.

If anyone from Texas has an idea on how it works in this state I would appreciate any help.

Basically I am just trying to figure out how to have business cards, signs, news paper ads, ect. with one name that can be used for all LLC's?

Thanks

Rick


Edited Jun 26 2010, 07:18


Rick Doshier

Levelland, TX

Feb 17 '09, 11:10 PM


Greg,

Thanks for the information, I did think about this after you posted. I do see what your saying and that is a good way of doing it, I will talk to my CPA about doing it this way.

Thanks

Rick

Originally posted by Greg Boots:
Rick,

I would use one LLC or even a corporation as the manager of the other LLCs that hold the rentals. The LLCs that are formed for the rental properties would be structured as Manager Managed LLCs.

All of your contracts, marketing, business cards, etc. would be in the name of the management LLC/Corp. The names of the LLCs that actually hold the properties will then become irrelevant since the real business activities will occur from the management company. I once had a client walk through a parking lot and name his 15 LLCs after the brands of cars in the lot.



Edited Jun 26 2010, 07:18


Dan McGehee

Feb 25 '09, 11:08 AM


The way our firm has done it is as follows:

- each principal has a SMLLC or LP
- the managing entity is formed b/t all the principals
- Single asset LLCs are created for each property / transaction with the managing entity as the General Partner


Edited Jun 26 2010, 07:23


Account Closed

Real Estate Investor from Chicago, Illinois

Mar 31 '09, 09:16 AM
1 vote


Some states have a LLC structure named "Series LLC" by which you can hold LLCs as subsidiaries of a parent LLC. All individual LLCs continue have separate liability as long as you keep financials very clean. The benefit is that you can maintain limited liability, staying under a single name, lower fees, and you file your taxes in a single tax return. My tenants write checks out to the parent company and I just have to make sure to deposit them in the correct bank accounts for each LLC series.

I am not sure if they have this in TX, but it may be worth checking into. Actually the Series LLC page on Wikipedia is not bad.

In Illinois, for example, I have a company that is the LLC parent named Johnson Real Estate Company, LLC (not a real company)... each property I hold is held in a subsidiary Series, for example, Johnson Real Estate Company, LLC, Series Fullerton or whatever series name you like. The price of a parent LLC is $750, and after that it is $50 for each series. Compared to $500 for a single regular LLC. I believe I can have unlimited number of series, and they do not have to be in the same field. So if I wanted to start a real estate brokerage (which is what I would like to do), for example, I could keep the same name and just add a series. Cheers ~


Edited Jun 26 2010, 07:47


Tony Watson

Homeowner from Houston, Texas

Apr 30 '09, 10:48 PM


Hello all, I'm new here and this is my first post. Lots of great information here.

I spoke to a tax specialist yesterday about this subject. She instructed my wife and I to create an LLC that would be used for advertising, business cards, and all that stuff. She then instructed us to create an LP for each property that we aquire naming the LP's the address of the property they will be for. The Partners of the LP would be my Wife and I holding 99% ownership, and the LLC holding 1% ownership. I thought this would be a tax nightmare, but she explained it that each LP would generate a K1 for my wife and I, as well as the LLC, then the LLC would also generate a K1. By doing this, I would limit the liability of each property, and be able to use one business name for advertising purposes.

I'd like to hear some of your opinions on this strategy. Is it overkill? Is it realistic?


Edited Jun 26 2010, 08:06 by Tony Watson


Michael Rossi

Real Estate Investor from Ohio

May 01 '09, 08:36 AM


Rick,

For the rental property business, I recommend being as vague as possible. I recommend naming the LLCs something very generic and putting several properties in each LLC.

As for advertising, once again I would be generic. A newspaper ad doesn't need a company name with it. It can just say something like: 3 bedroom houses for rent; we love pets; call XXX-XXXX.

Your business card can be the same. It could say:
Property for Rent,
Rich Doshier, Manager
PO Box 123
Levelland, TX 45678
Phone: xxx-xxxx

I try to keep everything simple!

If you want a website, you could just name it Levelland Rentals.com or something like that - again, not complicated.

Mike


Edited Jun 26 2010, 08:06


Michael Rossi

Real Estate Investor from Ohio

May 01 '09, 08:44 AM


Tony,

Unless you're planning on having a very small portfolio, I would not create a separate LP for each property. To be a legal entity that will stand up to legal scrutiny, each entity should have its own checkbook, its own accounting, its own tax return, etc. The fact that the profit or loss goes to your personal return does not reduce the complexity. How would you like to have 50 checkbooks to keep? 50 LPs to set up? 50 tax returns to prepare (or pay to be prepared)?

Mike


Edited Jun 26 2010, 08:06


Tony Watson

Homeowner from Houston, Texas

May 04 '09, 12:47 AM


Originally posted by MikeOH:
Tony,

Unless you're planning on having a very small portfolio, I would not create a separate LP for each property. To be a legal entity that will stand up to legal scrutiny, each entity should have its own checkbook, its own accounting, its own tax return, etc. The fact that the profit or loss goes to your personal return does not reduce the complexity. How would you like to have 50 checkbooks to keep? 50 LPs to set up? 50 tax returns to prepare (or pay to be prepared)?

Mike

I understand that each LP would have it's own checkbook, and whatnot. I don't plan on having 50 or more properties at this time (although it could grow to that amount at some point). I was thinking more along the lines of the 15 - 30 range, however I see your point, and maybe I should take some advice from both and have multiple properties in each LP, but not necessarily one LP per property. I suppose I could maybe separate them by subdivision, or zip code. That way, if anyone was to take legal action against one of my LP's, they wouldn't be able to sue me for everything I have.

Any other thoughts on this? How do most people seperate their investment properties and keep their investment protected?


Edited Jun 26 2010, 08:07


Hazel L

Real Estate Consultant from Irvine, California

May 05 '09, 11:05 AM


Hello Rick,

I was watching the Food Network the other day and found the Pringle got its name by its founders opening a phone book and reviewing the different street names. You should have tons of names at your disposal through this method.

Best of luck!


Edited Jun 26 2010, 08:08


Pete Condit

Ellington, Connecticut

May 08 '09, 12:01 AM


I will be starting an LLC soon. What do you think of this one?

Slumlord properties

:)


Edited Jun 26 2010, 08:10


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