I'm getting ready to set up the LLC that will hold the rental properties that we fix up and keep. I recently read an article that advised against using the words investment, property, real estate, etc in the LLC's name - is there an opinion out there about that?
Also, is there any reason to have an LLC that holds the properties and one that manages the properties (collects rent, etc)?
When you QC the deed into the LLC's name what happens on the mortgage - does it stay in our name?
When you quit claim the deed the mortgage will remain in your own name.
I am not sure why you would not use the words investment or property, etc....you need to identify your business. I would just make sure and have the name sound professional such as ABC property solutions, or ABC real estate services, or ABC real estate group.
I have various LLC's depending on the type of property and whether it's a buy and hold or lease option. I also know folks that have different LLC's for property management to make things easier....It's just personal preference.
Whatever you do, I am not an attorney so seek competent legal adivce.
We formed a corporation instead of an llc.
Our name is: The Malesic Group, Inc.
On our letterhead, checks, business cards, etc we put the words "Property Rentals" underneath the name.
I like something catchy. My daughters nick name is Mo, her egg business is Mo's Eggs.. So I created Moe Properties.
Mine's pretty generic because I wanted it to be flexible. New England Home Solutions. It could be real estate or home improvement. Last year it was mostly for real estate. Right now it's mostly home improvements. Related enterprises but the name works either way. I also wanted something where the domain name was available. I would recommend checking the domain name availibility so that the name of your company could also be the same as the name of your website.
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