Updated over 10 years ago on . Most recent reply
Suggestions on forming LLC
Hi,
We live in CT. My girlfriend and I are about to form a 2 person LLC. Any suggestions on how to go about forming a proper LLC? We plan on buy and hold.
Thank you
Tony V
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#3 Guru, Book, & Course Reviews Contributor
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Begin with a simple business plan, consider the types of deals you may get involved with, will you ever take in another member on a short term basis? Take in a passive investor? Not married, what are your estate plans. Any buy sell agreement with partners or do you want her heirs to be your partner if she falls off that yacht? Are you contributing equally? Do people get divorced? Has a GF ever left a boyfriend? Then what, besides dying, there are events of withdrawal to contend with, be business like, it's not a honeymoon.
Filing an LLC is child's play, having a good operating agreement that address business and personal contingencies isn't, see your attorney after you draft what you want to accomplish.
LLCs are not bullet proof for asset protection, if you're buying a house or houses, you have more at risk driving your car (or sailing) than in owning a SFD rental, get all of your insurance reviewed and get the LLC insured. Learn good business management tactics as well. Good luck :)