Recommended RE attorneys in N Jersey

4 Replies

Hi BP Carebears!

Does anyone in N Jersey (jersey city, Hoboken) know of any good RE attorneys? I'm lining up my ducks to get into my first purchase and wanted advice on series LLC formation.

Thanks!

Nicholas

You can contact Rob Irwin to see if he can assist you. I just had my closing with him on a property in Hoboken last week and thought he was very helpful during the entire process. Below is his contact information.

Robert Irwin, Esq.
Tel: 201-670-9696
[email protected]

Save your money. You don't need an attorney to setup an LLC in NJ if it's going to be a single member LLC. You can set it up all online in NJ in just an hour or so. I've done it multiple times. Click here for the NJ website explaining steps to create LLC. Also setup an EIN with the IRS here. Single member LLCs are usually treated as disregarded entities (unless you select to be treated as a corporation...normally you don't). Disregarded entity basically means that for tax purposes, the IRS doesn't really recognize your entity. You just recognize all the income/expenses on your personal taxes (i.e. Schedule E or C usually).

If you are setting up a multi-member LLC with investors or other partners, then you should probably consult an attorney who really knows what should go into a good operating agreement for a multi-member LLC. I don't have any recommendations there though.

Good luck.

Thanks so much @Brian C. , @Matthew Fullam and @Kevin K.  I really appreciate the tips. 

Kevin, this is an interesting thought. Part of the reason for me wanting to talk to a lawyer is not just to set up the LLC but also to get a consultation on if this is right for me and what kind would be right. One BP pod episode talked about setting up a series LLC and separate sub-entities for acquisitions, flips and operations. I wondered if there were advantages to making my wife a 1% partner in the LLC. If there is a benefit to this regarding asset protection or anything else. I've done a little bit of research on this but I'm wanting an experienced pro to look at my specific situation to advise.

I'm also looking to figure out how I can maximize the situation regarding taxes. I have a tax prep guy that I like but doesn't look like he's a CPA. Is a CPA who I should talk to regarding the tax aspect? Or would it be a tax consultant? Or a financial planner?