Any gotchas when setting up your IRA LLC when it comes to naming the entity? The answer from the company I am using is "you can choose the name of the LLC." I would suspect it would need to include my name followed by IRA LLC. What have all of you used for the names of your self directed IRA LLC entities? Thanks.
you do not have to have the name include IRA. In fact that would not be good idea. Just pick something generic like Wallen Properties LLC (using your first initial and last name) or Wallen Investments LLC. Or use your street name, or whatever. You don't want the name to be too long either, otherwise it may not fit on the title.
Hope this helps.
The only requirement is that the LLC be unique with the state. We generally recommend against using your name as a means to further the isolation from yourself personally, but there is no hard and fast rule behind that - just a best practice.
I hate to say this, but I would question the level of support you can expect to receive from your IRA LLC provider if the best answer you can get for this simple, basic, and common question is as vague as you note. A reputable firm should not put you in a situation where you need to be querying the BP forums for guidance.
It is best to keep the name short and broad. That is good that you are looking for a second opinion. It never hurts to ask different professionals for feedback.
Thank you for all the replies to this post. I would like to ask one additional question to this forum. I understand it's not good to use your name when naming a new LLC. Does anyone have an opinion about using initials. i.e.. J.S. investments (John Smith Investment Property) I'm about to open a couple LLC's and I too am searching for correct naming options. Thanks.
@Michael Smith in my non-professional opinion, I see no problem with using your initials. I am part of a 3-way partnership and we all have a "D" in our name, so we go by 3D Property Investments. Even with using your own initials, I think there is still a good layer of protection there.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.