I am planning to buy an investment property in henderson, nv with my significant other. We are a young couple who lives in CA. Since this will be our first property, should we open a sole propiertorship and buy umbrella insurance coverage OR open an LLC? we talked to two real estate attorney in las vegas. #1 quoted us $500 and said that we don't have to file a business license in las vegas. #2 quoted us $1000 (to file the paperwork, all the fees, to be our registered agent) and he recommended to us to file a business license. We did a lot of research here in BP and on the internet and we are not sure which way to file. Also, are those attorney fees reasonable? What is the average fee for a real estate attorney in las vegas?
Thank you very much in advance to anyone who is willing to answer my post.
welcome aboard..if are these attorneys quoting you to file your LLCs or giving you advise on which corporate to file and buy under????
If you are planning to open an LLc or a corp in Las Vegas, you must have Biz License now..$200 fee mandatory) check states secretary info site, you dont need an attorney for that.
there are companies that do corps or LLC as well but if you are asking an attorney for advise or just having an attorney file the copr or LLC, you need to ask them if all filing, licensing fees are included, from my understanding you may have to cover the BIZ license and other misc fees which could go up to $400-$500 yourself.
Form an LLC AND get insurance. It's not either/or, it's BOTH.
And it doesn't have to be an umbrella policy, but it should provide around $1 million in liability.
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.