First Time Investor Setting Up an LLC

[Jay Jones]

I have several questions about setting up my LLC:

1. Do I need an attorney’s help?  I have friends who set up it on their own, ones who used Legal Zoom and others who enlisted an attorney.

2. My rental property is in another state which has no renewal filings or fees after the first year. Is there any reason why I shouldn't set my LLC up in the state where the property is as opposed to my home state? (Mainly thinking about tax purposes)

3. If I sent up own my own what do I need to know? My wife and I are the only ones in the LLC (not a partnership). Any advice here would be much appreciated!

[Natalie Kolodij]

Quote from @Kevin Lee:

Thank you, Natalie! If I could just ask one more question, i have a separate account with no co mingling of funds. Is it advisable to have an account for each property? Or could I 3 properties flow into one account and pay all expenses from there. 

How may properties are held in each LLC is a decision with yourself and the attorney. But each LLC should have it's own bank account.