Setup LLC/Ltd company before anything else?

Question

Account Closed · Answer

I did the same as Jason.  Set it up on Legal Zoom and never had an issue.

Andy Dunn · Answer

@Stephanie Hardy Thanks for the tip. Transferring the loan wasn't something I'd considered.

I still need to decide how feasible it is to setup a new LLC and apply for a loan as that company. Part of me wonders how a new company can apply for a mortgage with zero credit history, or is it me as owner of the company providing that credit and deposit?

Stephanie Hardy · Answer

@Andy Dunn Just be careful about the "due on sale" clause that is in almost every loan, if you are doing financing. Not sure how it is in Ireland, but in the US, when transferring from personal to an LLC, the bank could call the loan due bc of the "sale" and you'd owe the entire loan right then.

Eugene Kogan · Answer

Did my LLC through legal zoom. No issues or problems

Jacqueline Pelzer · Answer

Was Legal Zoom sufficient enough?  Because I've heard many a business or real estate lawyer say going Legal Zoom is not a good idea. Is it because they just want to your business and all the money that would cost or is it because Legal Zoom isn't enough to really shield you against a possible issue?  Also is it true they aren't even lawyers?  That's what one attorney told me.

Jason Green · Answer

Single family is pretty easy to move after the fact. I would imagine a multi would be a little harder but I am not an expert. I formed an LLC on legal zoom when I started out and it was the best $500 bucks I ever spent.