LLC structure for new investor
Just looking to see specific LLC information for owning investment property in Florida. Recommendations of attorneys or if you set it up online yourself and any other relevant information.
@Edward Acker Congratulations on embarking on your real estate ventures! Structuring an LLC in Florida is a relatively straightforward process. If you're considering handling it yourself, here are recommended steps. The Florida Department of State provides a guide on filing your LLC and obtaining your Articles of Organization. Nevertheless, here are the DIY steps to take before filing:
- 1. Choose a business name and verify its availability on the Florida Department of State website (Free).
- 2. Determine your business address. ( Home or Virtual Physical Address)
- 3. Obtain an EIN (Employer Identification Number) tax ID on the IRS website (Free).
- 4. Secure the services of a Registered Agent (You can find one online that covers all states).
- 5. File your articles, ensuring that you use your Registered Agent's address for both the Agent and all members.
Wishing you the best of luck in your endeavors!
@Edward Acker I'm going to preface this with saying that I have a legal background in estate planning and asset protection, however, this is not specific legal advice, just my opinion.
Keep in mind you should also adhere to all the corporate formalities (separate bank accounts, have an Operating Agreement--even if it's just you as the sole member, file annual/bi-annual filings). While setting up an LLC on your State's website is pretty straightforward, there are a few more steps that truly makes it show that you are treating it as a separate business entity and not just an extension, an alter-ego, of yourself.
Also, please keep in mind the new Federal mandates for the CTA (Corporate Transparency Act) which need to be filed by every entity in the U.S. or you can face heavy fines and/or jail.
Hope this helps!
@Edward Acker I agree and thank you for the clarity. I indeed forgot to make it clear that the advice offered above is NOT Legal Advice and I Do Not have a legal background. It is purely a suggestion.