Do I need a business name?

10 Replies

Recently I posted a forum asking others for their opinion on a business name I had in mind. Most everyone said I was wasting my time. While I appreciate the honesty from everyone, it left me with another question. What is the purpose of Brandon Turner's Open Door Properties LLC? In one of his books, he mentioned how having a business card can help make you look more professional to others. I think in a podcast I heard him mention it being the face of his business for the management side. I'm not 100% sure. This is what made me start thinking of different business name ideas though. Could someone please clarify for me what exactly his name is for because based on the feedback I got from everyone on my previous post, I think I was mistaken on what he has it for. Thank you all for your help.

-Brandon

@Brandon Handel probably just for some branding. Brandon has a huge audience since he works for BP. You and I will list never have that. I can tell you how I’m setting up my business structure and then you can decide if you want to do that or not.

I own in 2 states and in a couple years it’ll be 3. I put each property in each state in a llc. Those Llcs are owned by a holding company in another state. This gives me max anonymity, which I like. Yes you can add trusts and stuff like that or multiple llcs but that gets expensive and makes taxes harder (per my cpa). So I keep it simple.

It depends on the business purpose. For my LLCs that hold my commercial apt buildings, they have 'apartments ' in their name.   

My mgt co I wanted to kinda sound like you mighta heard of it but don't remember from where.  It doesn't have properties, investments or holdings in the name. It wears many hats for me because it could be and is about anything I do that earns SE income. 

It does lend credibility to me when I give tenants my card and ask for holding monies. It offers protection and a higher authority when 'it' signs leases for me.

What are you trying to do? Who is your target audience? Seller or tenant or who? 

@Steve Vaughan that is basically exactly what I was thinking. Have my properties in LLCs and then have some kind of business that would be the face for everything and manage everything as well. Something to give me credibility and look more professional. My target audience is really everyone I guess. Tenants at first, but as I grow and look to partner in the future it would be for investors if that makes sense. 

Originally posted by @Brandon Handel :

@Steve Vaughan that is basically exactly what I was thinking. Have my properties in LLCs and then have some kind of business that would be the face for everything and manage everything as well. Something to give me credibility and look more professional. My target audience is really everyone I guess. Tenants at first, but as I grow and look to partner in the future it would be for investors if that makes sense. 

 Ok, gotcha. I went with a generic sounding s-corp with 2 names like the PE and fin svc co's do (Berkshire Hathaway,  Merryll Lymch) and(we are near the Cascade Mtns, so i put Cascade in the 2nd name).  Maybe you have a landmark or mtn range or point or lake you could use?

But I am still very low key and nobody has heard of me, by design. I use it for mgt, when I wholesale, consult or to self-encumber. Shouldn't matter if you want to have it as the face of your business or go low key like I do, I recommend a generic 2 word name.

@Caleb Heimsoth are you setting up those LLCs in that particular state or are you setting them up in your home state? If you’re doing the first, what address are you using for the other states? If you’re doing the latter, are you registering you LLC as a foreign entity? How has that process been?
Originally posted by @Tommy Ricks :
@Caleb Heimsoth are you setting up those LLCs in that particular state or are you setting them up in your home state? If you’re doing the first, what address are you using for the other states? If you’re doing the latter, are you registering you LLC as a foreign entity? How has that process been?

I decided to delay this as it’s expensive to maintain.  When I do, do it I would register in the state the properties are in, with a registered agent.  I don’t foresee that being complicated at all 

@Caleb Heimsoth okay. Just wondering if you already had experience with it. I have an LLC in my state, but did first deal in a different state. It was a conventional finance deal, so I had to have in my name anyway, but I may attempt to quit claim it into my business name (hope it doesn’t trigger the due on sale clause).
Originally posted by @Tommy Ricks :
@Caleb Heimsoth okay. Just wondering if you already had experience with it. I have an LLC in my state, but did first deal in a different state. It was a conventional finance deal, so I had to have in my name anyway, but I may attempt to quit claim it into my business name (hope it doesn’t trigger the due on sale clause).

Yeah I also didn’t want to mess with that.  Seems like an unnecessary risk for me, but to each their own