Choosing a business name

3 Replies

I am in the process of creating a real estate investment company that focuses on flipping and rental properties in New Jersey then the possibility of expanding. I am looking help to pick a name as of now I am thinking Quality Properties of NJ but I would like some suggestions of possible? 

If you think you will be applying for bank financing under your business name at some point it may be wise to choose a name that does not indicate yours is a real estate business. Banks sometimes choose to limit their exposure to certain businesses and real estate has been out of favor recently. A loan application from a real estate company may be rejected before it is carefully reviewed during a time when RE is out of favor while a loan application from a company with a name that does not clearly identify it as dealing in real estate may get further into the review process. The further into the process you get the greater the possibility that your request will be approved.

I'm pretty new, so more experienced folks can chime in, but my understanding is you may want to have more than one business entity depending on what you're doing. You can do flips under one entity and hold rentals under others. You may have several entities for your rental properties to help protect your assets from potential lawsuits.

My suggestion is to speak to an attorney, make sure the name(s) you want are available before officially picking, creating marketing materials, business cards, etc.

Originally posted by @Jeff Amore :

I'm pretty new, so more experienced folks can chime in, but my understanding is you may want to have more than one business entity depending on what you're doing. You can do flips under one entity and hold rentals under others. You may have several entities for your rental properties to help protect your assets from potential lawsuits.

My suggestion is to speak to an attorney, make sure the name(s) you want are available before officially picking, creating marketing materials, business cards, etc.

Yes, for tax purposes different entities are suggested.

But for Fasil, don't let this become a big thing. Get a deal, heck do a deal, and then incorporate an LLC! No reason to have one around till you have something to do in it. If you are looking at doing it for accounting reasons, just setup a different bank account, and only use it for business expenses.

As the saying goes, fill your cup with the big stuff first, and then fill it up with the smaller stuff.

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