Mixed Use Investment and Entity Structure

2 Replies

Hello BPer, 

I am in the process of acquiring a mixed use property that included a bar business. 

I am thinking about acquiring the actual building into my existing LLC entity. The bar will act as a tenant renting and paying rent to this existing LLC.

For the bar, what should I set it up as? Should I make it an LLC or other entity? What is your opinion on it.

I am in the Mass area. If anyone knows of any attorney that can help form an entity for the bar, I would like to get some referrals.

For the bar, I will inherit 1-2 employee(s). I might come around weekend to check thing, and monitor everything via camera. I am somewhat involved, but I won't be there working on day-day basis.

Thanks

I don't know anything to help, but suggest you search "LLC" on BP and see what you can find to help. There will probably be a LOT of info to sift through, but I'm sure your answer is in there somewhere! lol

As for a lawyer, I'd suggest doing a search in your area (on BP) to find folks.  Inconveniently, I think you have to look at every profile to see what folks are (maybe I'm remembering wrong), but you can also read a bit about them on their profile to see if you think they will fit your needs.  I'd also recommend going to some local real estate meetings (which can be found on the BP Events and Happenings forum--I think that's what it's called) and can be found just by googling your city with "real estate meeting" or "real estate meet up."  That's what I did to find places to learn and network.

Finally, and feel free to laugh, I'd suggest watching Bar Rescue (and I think he's even written a book) to learn more about running bars to maximize your profits.  :-)

Good luck!

@Jody Schnurrenberger Thank you for taken the time to respond to my thread. I know a few lawyers in my area. I reached out to one of them, and he might be able to help. He did not specify which entity he is planning on structuring it yet. According to my research, it seems like LLC is still the best fit. Here are a list of entities

https://www.irs.gov/businesses/small-businesses-se...

Look like you can also form an entity online

https://www.incorporate.com/business_structures.ht...

https://www.entrepreneur.com/article/38822#

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