LLC

5 Replies

How to go about setting up your LLC for your Real Estate investment business? And are there different price ranges depending where you live?

Go to the state website and then the business section. If you can't find easily, then just type in "LLC " and the link you need will pop up.

You'll also need an EIN number from the IRS site.

Yes, it is a different cost for each state.  Michigan is a whopping $50 to start, and $25 to reinstate every year.  Other states, like Maryland is $100.  Then there's CA, where I believe you need to take out a mortgage.

It is very go to your states Secretary of State website fill out the form pay the fee. Your articles will be posted on the site in a few days and here in nc they email them to you when they are done. Some states you can fill them out online.

Next
Go to irs.gov go to the top right hand corner and search ein ( employer identification number) this is your businesses social security number. You will need this to open a bank account and for 1099 when you sell a house.

Next
The operating agreement is not really important unless you have partners. Just google operating agreement for an LLC there are tons of them. Download it in word change the info to your companies name and your name to the managing member. This is important for when you sell a property the closing attorney will need to see it to make sure you are the managing member or signer for the entity at closing. Hope that helps my friend. Good luck

@Joe Villeneuve  

Hey Joe - Maryland's $300 now / per year. Inflation - or not - maybe just greed!

Originally posted by @Steve Bradigan :

@Joe Villeneuve 

Hey Joe - Maryland's $300 now / per year. Inflation - or not - maybe just greed!

 Oye the pain.

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