Hey BP community, I am working with a mentor who has suggested that my business partner and I register our business with the State of Texas (where our target markets are) and produce an operating agreement before putting in offers. We went to the SOS's arcane website and determined that our preferred business name is available. Now I just want to confirm that we are submitting the correct form - I think it's this form 205.
Can anyone offer confirm that we are on the right track or offer general comments?
That is the correct form to create an LLC in Texas. You'll also need a registered agent. I use Texas Registered Agent LLC in Austin. But honestly I think you should probably run this through a real estate attorney. There may be other hoops since you are a foreign national. I'm pretty sure there are tax implications that need to be addressed if you're sending money out of the country.
Thanks Fred. I can't just list myself or my partner as the registered agent? Also I'm a US citizen, I'm just living in Australia at the moment.
So I just registered as an LLC with the state of Texas and listed my business partner as the registered agent using his home address, which required him to sign a letter of consent. Doing it this way seems quite risky, as there is currently a lot of responsibility on my partner to receive and react to any legal notices sent to us. As soon as we get our first deal we will switch to using a third party as our registered agent.
I am a bit worried that our company's name, MAKI Investment Partners LLC, is too similar to an existing registered company, MAKI Investments LLC. It cost us $300 to submit our filing - I sure hope our application is not rejected due to name similarity and we have to pay the fee again and spend time waiting for another round of processing.
Can anyone comment on whether this might be a problem?
Which state are you doing business? If your doing business in Texas register there but if not register in the state your operating. You will need to pay taxes in the state yoi are receiving income from
Hello. You can check for name availability by calling 512-463-555. This call could be an hour long. Check this website out, I think it'll help you: http://www.sos.state.tx.us/index.html
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.