I just finished listening to the podcast with Scott Smith
I am looking at forming an LLC and I had a couple of questions of everyone who has a ton more expereince than I do:
1) How much does it typically cost to form and maintain a land trust/LLC structure? Is it more for a series LLC?
2) If I buy properties in Chicago IL but live in New Jersey does it make sense to have a Deleware LLC?
3) Does it matter where I have a lawyer and accountant? Do I need one in my home state and one where I do business or can I basically use a lawyer and CPA from any state?
Other than Scott who is probablly insanly busy now does anyone have any good reccomendations for lawyers and CPAs?
Sorry just a total newbie.
If you're setting up an LLC or any business entity for that matter you have to register in all of the state's that you do business. As far as IL is concerned they charge the same fee to register an existing business as it does to form a new one. For LLC's it's 600, 850 for Series. The| charge an extra 100 for "expedited" fee. (I.e. doing it online). When you start getting into registering in different state for its tax advantages that's definitely something that you need to talk to a tax professional about. As far as what professional partners you choose, I usually recommend professionals that are in the area you're doing business to my clients. I say this because not only are they Usually more familiar with the law and regulations, but they can provide great referrals.
I have a Series LLC myself. That way I can separate my flip business from the buy and hold. I also can break it down further and separate each property to minimize systemic liability.
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