Real Estate Investor · Baltimore, MD · Member since 2008 · 619 posts · 75 votes
I want to put a contract in, but have not yet set up my LLC. Should I put it in anyway and transfer the deed, or assign the contract when my LLC is formed? The Maryland site says it will take 7-8 weeks after submitting the paperwork to have the process finished.
I want to try to tie up the property NOW but I don't want to screw myself by not having an LLC. When I have an LLC what kind of extra insurance will I need?
Also, when I set it up I want to make sure it is taxed as a C-Corp, so that I will save more in taxes.
I am also wondering if I will need a business license, I never hear anyone mention it. I am going to call the state tomorrow, I figured I would just ask anyway.
Sorry for the multiple questions. There is alot running around in my heard right now.
-Terry
Real Estate Investor · Louisville, KY · Member since 2008 · 159 posts · 13 votes
18y
Terry...
a) Calm down. It will all be ok.
b) Go to www.mycorporation.com and get your LLC formed.
c) If you buy the house before the LLC creation is done, when the LLC formation is complete, go to your RE lawyer and ask them to "deed the investment property over to the LLC". At the same time, check with this lawyer to see if setting up a C corp is actually the best thing for you to do. It might or might not be.