Steps to Properly Form and Maintain a LLC
I am wanting to form a LLC, I do not feel the need to pay a lawyer with all of the info available on the internet today - but much of it is not reliable and I have not found a definitive resource with this info clearly laid out. I have a pretty good idea of what all is involved but not in enough detail to be fully comfortable.
I want to examine a simple scenario of starting a single member LLC in your home state to buy and hold rental property (1-4, 5+, or commercial, doesn't matter), avoiding all the different situational complexities as much as possible.
I think we need a definitive goto thread that gives step by step instruction, in detail, of how to 1) Form a LLC properly. 2) Properly maintain that LLC on a yearly basis including filing of taxes, fees, etc. All of this should have a focus on creating a seperate entity with no doubt of being viewed as an "alter ego" or having the corporate veil pierced. After step-bystep you can throw in comments such as why it may be better to have at least two members for example (remember we are trying to keep it clean and simple).
With the collective effort of BP members, we should be able to provide a resource that allows our members to form a strong LLC without an attorney. I want this forum to be dedicated to the specifics of doing so. I know enough to detail the basics, but would like to hear detailed reponses from lawyers, CPA's, and experienced invsestors. Please include details such as filings, fees, kits, EIN's, articles of incorporation, etc.
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You can go to your library and borrow the NOLO books on LLCs; they even come with a CD that has forms. There are a couple of different NOLO books, and off the top of my head one was formation and another covered maintaining.