A little help please I'm new to real estate and i just got my llc i have on EIN number have not been to the bank as yet to open a account so i put on offer in an a bank owned property using my my llc but the realtor asking for llc papers don't know what she asking for llc papers for but that's why I'm here to find out, what papers on is this is a normal process some help me please on thanks in advance..
It's a good thing that you are proactive, but you may be reaching for the finish line before the race has started.
Instead of using your time (which it takes a lot of) learning about the numerous legal formations, and how to "properly" operate them, use your time to analyze deals.
Start off by analyzing 10 deals a day, and offer on 5. Don't offer the list price, but offer the price which makes it a home run for you.
Close some deals, get quality insurance, get an umbrella policy, and then contact an attorney to get you setup.
Best of luck!
so justin you are saying my llc is not goid to do any business because i already have the llc gone through certification from state on all just wan to know if this realtor asking me for something that is not necessary or what?
@Jermaine Morgan Typically it is the operating agreement that banks/agents want to see. Usually they are more precise with naming what they want instead of just saying "LLC papers".
Either way, I don't think there is anything wrong with asking the agent what specific papers she means.
The bank will want to see your LLC articles of organization you filed with the state. The bank needs to see this to open a checking account. It's usually a one or two page document. They will also need your EIN as well. If you used a service or attorney to create your LLC, they should have provided you a copy of the articles of organization. This is probably what the agent is asking for as well. The reason for them asking is probably to prove you have a legitimate LLC. Just my guess.
Bank primarily wants to see the Certificate of Existence that you can probably download from the secretary of state. Not all states require articles of organization to register a LLC. Idaho doesn't for example where I'm invested. Once the bank sees that your LLC is legally registered then you can begin your journey. Also, best advice you can get is the bank. Tell them what you want to do and ask them what you need to do in order to comply with their guidelines and policies.
@Jermaine Morgan For the loan from the bank, they may possibly ask for the Operating Agreement as well. This is typically not a step you take when creating a basic LLC. My last purchase in another state requested it so I had my attorney do one for me. It has a small cost but if that is what is needed then you need to do it. But probably all you need is what others here have said, just your articles of organization to prove it exists and in what form, who are the officers, and then the EIN. That is all you should need to open a business account. But your realtor should not be the one asking for those, the bank will.
Thanks everyone i have all the paper works just wasn't sure what the realtor was about so now i have a better understanding.