I need to form a LLC company in South Carolina what are the do's and don'ts where do I begin etc etc any advice would be helpful. I'll be closing on five homes in the Charleston market for will be for rental purposes one will be a primary residence
Any local attorney can set up and LLC for you that fits your needs. Usually costs about $300-$400 plus the $110 filing fee with the SC Secretary of State.
You won't be able to purchase the properties using the LLC, you'll purchase them as an individual and then deed them into the LLC.
Some REI say that each property should have it's own LLC, as a way to protect LLC assets against possible future litigation. I don't know if that's a good "best practice."
Thanks I'm in the process of becoming a South Carolina resident.do I need to be a South Carolina resident the form an LLC here?
No you don't have to be a resident. Usually takes about 7-10 business days to get the paperwork back from the SC SOS, once you file.
I filed my SC LLC without an attorney. The process was very simple and everything was provided on the .gov site. Last time I looked into it, you needed a SC physical address (not a PO box). If you do not have a SC address you could look into using a resident agent.
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