Best way to set up an LLP? Should I use a lawyer?

Question

Hello Bigger Pockets Community!

My wife and I are real estate investors based in Toronto, Ontario and are looking to expand our portfolio to the Central Florida area.

We've done some research and are interested exploring the path of owning properties through an LLP.

What are the benefits of using a lawyer to set up an LLP vs doing it yourself online or using a service like Legal Zoom?

How can we ensure our bases are covered and everything is set up properly while keeping the cost competitive?

Thanks!

Alex

Hai Loc · Answer

I would get advice on opening a LLP vs LP or LLLP

Michal Liviatan Carpenter · Answer

Absolutely a lawyer.

I have some referrals who will consider your personal situation and will give a solid advise according to your business purpose and end goal.

Feel free to dm me.

Ben Firstenberg · Answer

I would absolutely use a lawyer for an LLP.

I can't speak much to the benefits vs using legal zoom, but for any situation where you have different partners and are possibly raising money (common uses for LLPs, not sure your situation) you want to be absolutely sure everything is done right, as the risks are substantial with such things.

Best way to set up an LLP? Should I use a lawyer?

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