A real estate lawyer asked $600 to setup a LLC and file at the secretary of state not including $137 fee from the state, and then he would help me to get a tax id for my new entity.
With a little research online I find websites like legal zoom that can do that less than half the cost.
Its a very simple LLC that me and my partner will have, nothing special, 50-50 ownership and pretty much very straightforward deal.
Whats your opinion for choosing the "cheap" way?
The establishment of the LLC and the TIN is easy. The Operating Agreement is especially crucial with partnerships. I wouldn't necessarily throw $600 at a random lawyer that also helps with the TIN (whoopy!) but I would spend that amount for a quality Op Agreement that address the Ds @Pavlos Kasselouris .
I use SunBiz.org. Very simple. EIN on IRS site. My LLC's are single member.
Have you tried legalzoom.com?
**Not legal or financial advice**
Start here and read. It has already been stated that filing for your EIN/TIN is easy and it is. You should do it yourself because something this critical to the founding of your business should not be outsourced. Nor should you spend money on something that is so easy for you to accomplish. What also was mentioned was the operating agreement. That you will want the attorney for. Also seek the advice of a CPA on how to structure your LLC.
The reason I suggest doing this in house is because you will file taxes annually to the state and the federal govt. You will need to work throughout the year with your CPA, keeping books and paying quarterly tax estimates to the IRS. You do not want to have to call your attorney every time you have a question. Dig into your business. Dont outsource the core tasks. Get help, but don't outsource the stuff you can and should do.
I hope that helps.
I took into consideration all of your opinions. Thank you very much it was very helpful. I went with the lawyer option decided not to be cheap... lol
Next big step find a CPA that knows real estate tax strategies!
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