I'm very excited. I just spoke with a friend who does interior rehab work and she has agreed to be part of my team. She has some projects going on and I will be able to gain advice and hands on experience at the same time.
Things are beginning to come together. I have most of my team assembled and am taking steps to become an LLC. Bob, Ray, Thomas, Shaun, Chaz and Joshua have all been very helpful here.
Way to take massive action Candice!! That is the best way to create your own luck. Brian at Fitzgerald Law in East Longmeadow created my LLC. I am sure there are plenty of other competent attorneys that can do that for you.
I mentioned Brian at Fitzgerald Law to my CPA. He understandably doesn't have time to talk right now but we'll be corresponding by email. I hope to hear his thoughts soon and appreciate the reference.
Good luck with starting out, it sounds like you are well on your way and well prepared!
Thank you. Certainly am going to give it 100%. My family has been put on notice. Time for my daughter to help out more and have less of my attention. (Don't worry, she's not an infant or toddler!) She told me last night, "You can do it Mom!".
Welcome to BP @Candice Gielda . Leominster here. Lots of great resources on this site as I'm sure you are learning. There is a ton of info here on LLCs and unfortunately maybe too much. I'm of the opposite camp in that I've been doing this for about 15 years without an LLC. I have 26 units between 6 properties. I have good insurance and all of my properties are in a simple reatly trust that I only set up because I was told it was the thing to do. Now all that means for me is that every time I buy a property there is one more form I have to sign. I guess I'm of the old school way of doing things. My tenants know where I live, they have my cell phone number and I see them around town every day. Massachusetts is one of the most costly states for setting up and maintaining an LLC. I have read about the pros and cons and until I start investing with a business partner, It's my signature on all the forms, my name on the checkbook, and my experience that I try and share with others. Best of luck to you.
Thank you! I have old-fashioned ideals so I can relate. I like a person whose word really is their bond, someone who knows that the words "I will do" imply a promise and accept that before they say it.
I've developed a basic understanding of LLCs and my other options both corporate and trust since I first posted this discussion. My greatest concern is protecting the other assets of my partner. Followed by structuring the company in the most beneficial way. We have a loose verbal agreement to begin with. She is not a business person and is retired. Protecting her personal wealth is critical to me. I won't have her out on the streets or having to lower her quality of living.
The information I've covered points me toward the LLC. I've prepared a list of key points and other questions regarding the formation and the articles for my company. I'll be using that as a basis to talk to the professionals.
Information available here and pointers towards other sources have been tremendously helpful. One week ago, I had no idea any of this was about to happen, then I found BP. Nothing can stop me now. The second I realized it could be done, I also realized I had already committed to it.
Well @Candice Gielda I did not realize that you had a business partner. I do not (except my wife). In that case you definitely want to set up the LLC. Sorry for my unsolicited blabbering against the LLC.
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