Rental Property Investor · Geneva, NY · Member since 2015 · 65 posts · 17 votes
Hi BP,
I am looking to set up my first LLC per the advisement of my CPA, my attorney that does them, told me the cost would be around 1500, I also heard 950, from another attorney who still hasn't gotten back to me. My question is, should I set one up myself? If I do, what do I need to do and what other things do I need to do per year to make sure I have everything done correctly? If I choose to reach out to an attorney, whether its the one who has done all my closings in the past, (the one who quoted me 1500) or another one; would they teach me how to do it myself for next time?
@Benjamin Allen it's been about 5 years since I lived in NY but the New York Division of Corporations used to be very friendly with helping people form a LLC. Try reaching out to them first and see if it's easy enough for you to do it yourself.
Since then I've determined that it really depends on what you are doing if you need an LLC or not. A good operating agreement could protect you should a partnership dissolve. Lots of assets in your personal name should be properly protected as well. So if you have a high net worth and lots of partners I would cough up the money and have an attorney do it. $1500 seems high though.
Highly doubt they will show you how to do it on your own, how else would they get repeat business?