LLC Structure, and Attorneys vs. Legal Zoom?
Hello, my family and I are forming a partnership to start investing together. They already have some investments but no LLC or other entity protection. The latest advice I was given was to have a parent LLC and elect to have it taxed as a partnership, with separate disregarded LLC's for each property. Anyone else do it this way? Anyone advise a different way?
Second question: how have you guys had your operating agreements made? I went to a conference where the attorney was selling his which could be customized with his help, but I held off to do more research. Are the $100 legal zoom versions sufficient? Would a pre-written customizable one for $500-1000 be necessary? Or Should we just hire an attorney to start from scratch and end up paying 3k+?
Any other general advice for asset protection and tax deductions welcome.
#1 All Forums Contributor
- Investor
- Virginia
@Cameron J.
Do not use legal zoom template get a real attorney who you can talk to and ask questions and explain the situation with them so they can write a proper agreement
Disclaimer: I am an attorney, but I am not your attorney. This is not legal advice, just friendly information.
A single member LLC is not as big of a deal, but once there is a partner involved, an attorney needs to be as well. Since you're talking about a family investment pool, with multiple members, and a number of child-LLCs, you're getting into some advanced situations.
