Good place to start an LLC?

Question

Good morning BP,

I’m in the infancy stages of my REI career. My goal this coming year is to build my education and purchase my first property.

I currently live in Orange County, CA AND I’d like to know where would be a good place to go for creating an LLC?

Thanks in advance for any advice you all can provide.

Joe Homs · Answer

@Tyler Craig my question would be "Do you have something to protect right now? Like a property?" If not why do you want to create an LLC? LLC's in California cost $800 a year just to form one and then you have to file taxes on income from the LLC which may cost about $1000 to hire a CPA to do that. Get something to protect first. You can form an LLC in two weeks or less.

Good Investing...

Jordan Fulmer · Answer

Rocket Lawyer is a decent option. They make it pretty easy for you.

Basit Siddiqi · Answer

@Tyler CraigIf you are in the infancy stages - I would disregard the LLC and just go with proper insurance coverage.Consult with an attorney / insurance agent.If you do go with the LLC route, you normally want to have it set up in the state where the property is located.

Ryan Arsenault · Answer

@Tyler Craig Whenever you are ready to protect your assets I recommend using Prime Corporate Services! Best of luck!

John Duston · Answer

@Joe Homs did a good job in reposing the question of whether you should have an LLC at all. A good lawyer can also help you make that determination. Happy to DM you my contact,

Tyler Craig · Answer

@Joe Homs thank you for the advice. Based on that it definitely sounds like I can wait until I home some asserts. Currently I just have the home I live in to protect.

Good place to start an LLC?

Most Popular Reply