Should we form an LLC?

Question

Me and my partner are getting into real estate investing, we are looking to start with wholesaling and then move to flipping houses as well. We were wondering if before we start anything, should we form an LLC? Or should we just start just using our names? Thank you I appreciate any feedback.

Kerry Noble Jr · Answer

Imma give you a tip......if you form an LLC, create yours....let him create his......do JV deals together

Rick A. · Answer

To me, An LLC makes sense from a liability protection standpoint, to separate your respective personal assets and that of your business. You may want to consult with a lawyer to make sure you're covering your bases.

Henry Clark · Answer

Do the LLC. Main reason is you need to make an operating agreement. This is written documentation of how you will run the business. The most important part is how you plan to exit.

Also read my post. What happens if you die. Lot more to consider than just an llc. What happens if one of you gets divorced?

Crystal Smith · Answer

Form the LLC

Robin Simon · Answer

Yes most likely - forming LLCs these days is actually a very quick and easy (and inexpensive process) with a lot of benefits

Chad Shultz · Answer

There really is much more to your question than just a simple answer. There are so many other variables involved. Nobody can really give you a solid, definite answer without more info from you. I'm in Florida and my preferred way to do properties is in a land trust. Much better protection, easy formation, and they evaporate after the transaction is over. Your state may, or may not, allow them. Your best approach is talk with an investor friendly RE attorney, or attend your local REIA meeting and find out what the common practice is there.

Should we form an LLC?

Should we form an LLC?

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