LLC Set-up: Lawyer or Do It Yourself Online

[Kevin Hunter]

Hi everyone. I am getting ready to close on property number 6. As an intro, my five other properties are all SFH. This one is a four family. Up to this point I have not had an LLC, I have just carried are large umbrella insurance policy. I think it is the time that I set up the LLC for this property and start moving in a direction that will separate and protect my assets individually, to the maximum extent possible.

I am looking for recommendations as to whether to use an attorney to set up the LLC or set one up myself online. Someone suggested corporation.com as one option for a website that I can set it up myself. If the answer is do it myself online, I would love to hear of other online companies that provide the service to do so.

I will be posting the story of my multi-family in success stories after the closing in a couple of weeks!!  Thank you all in advance for your suggestions and feedback.

[David Dachtera]

@Kevin Hunter,

My group's tax and legal expert is a partner in a good size law firm. They have a department in their office with a sign on the wall: "We Fix (Do-It-Yourself) Entities" (LLCs, S-Corps, etc.)

You say you're not currently using an entity structure and have an umbrella policy. Translation: "I'm standing here naked carrying a REALLY thick towel and hoping for the best."

A business entity alone is not enough to protect you well. You need a multi-layer strategy such that even if a veil is pierced at one level there is another layer of protection behind it.

Asset protection is NOT the place to cut corners - you WILL lose, BIG time! Every dollar you avoid investing puts your entire business at risk. Every dollar you invest in asset protection reaps many times its value in protection, security and peace of mind.

I can connect you with my group's tax and legal expert, if you want. Connect with me and we can talk.

David J Dachtera

"Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
- DJ Benedict