Investor · Dallas, TX · Member since 2015 · 27 posts · 28 votes
Hi All,
Wondered if anyone could recommend a office that handles Asset Protection (setup) and Tax support. We seem to find one or the other but are having trouble finding an office that handles both. We are hoping to find someone around Dallas TX but are open to reccomendations out of state. Thanks ahead of time for your help.
1. They recommend putting homes in to LLCs and then having a separate LLC holding these. Is this the route you took.
The reason you would want to put each property in a separate LLC is liability insulation. You want to protect each property from any possible negative effects that may come from other properties or the managing entity. Basically, if your company gets sued, you don't want to own any assets that can be taken. If your management company owns nothing larger than a printer, you are not a likely target for litigation and if you do get sued, you can fold and reform without losing much. All the while, the properties are protected because your company doesn't own them, they just contract to manage them.
At the same time, if one LLC is sued because of something connected to the property it holds, that suit doesn't endanger any other properties because they aren't assets of that LLC.
2. Do they do your tax work too and would you recommend them?
They do have CPAs and can do book work and tax work, but they are a bit too expensive for me at the moment. There might come a time soon where I will have them take over some or all of my tax preparation, but I don't have that need yet.
3. How is it working with someone long distance?
Every time I call Anderson, someone answers the phone. If someone is not available, I request a call back, and actually get a call back. I have had more trouble communicating with my corporate attorney that lives 20 miles from me than the attorneys at Anderson.
Note: With Anderson, you might have to work to stay current with the entity creation process since they don't seem to be lavish with status updates. They give a timeline and meet it, but don't update you as progress is made; atleast not to the point I was expecting. Maybe my expectations were too high.
Attorney · Winchester, VA · Member since 2015 · 726 posts · 387 votes
10y
For advice on asset protection, make sure you do not take any advice from anyone who is not a licensed attorney in your particular state. To find an attorney, consider using your state's lawyer referral service.
Investor · Dallas, TX · Member since 2015 · 27 posts · 28 votes
10y
Chris - thank you for the recommendation. I had them on my short list from a couple of pod-casts I listened to, if I couldn't find anyone local. Could I trouble you with a couple quick questions:
1. They recommend putting homes in to LLCs and then having a separate LLC holding these. Is this the route you took.
2. Do they do your tax work too and would you recommend them?
3. How is it working with someone long distance?
Thanks for your time
Thank you Matthew - its been a bit tough going that route as they are generally separated by specialties but I'll dig deeper. Thanks for the advice about them being licensed.
Investor · Dallas, TX · Member since 2015 · 27 posts · 28 votes
10y
Thank you Matthew - its been a bit tough going that route as they are generally separated by specialties but I'll dig deeper. Thanks for the advice about them being licensed.
1. They recommend putting homes in to LLCs and then having a separate LLC holding these. Is this the route you took.
The reason you would want to put each property in a separate LLC is liability insulation. You want to protect each property from any possible negative effects that may come from other properties or the managing entity. Basically, if your company gets sued, you don't want to own any assets that can be taken. If your management company owns nothing larger than a printer, you are not a likely target for litigation and if you do get sued, you can fold and reform without losing much. All the while, the properties are protected because your company doesn't own them, they just contract to manage them.
At the same time, if one LLC is sued because of something connected to the property it holds, that suit doesn't endanger any other properties because they aren't assets of that LLC.
2. Do they do your tax work too and would you recommend them?
They do have CPAs and can do book work and tax work, but they are a bit too expensive for me at the moment. There might come a time soon where I will have them take over some or all of my tax preparation, but I don't have that need yet.
3. How is it working with someone long distance?
Every time I call Anderson, someone answers the phone. If someone is not available, I request a call back, and actually get a call back. I have had more trouble communicating with my corporate attorney that lives 20 miles from me than the attorneys at Anderson.
Note: With Anderson, you might have to work to stay current with the entity creation process since they don't seem to be lavish with status updates. They give a timeline and meet it, but don't update you as progress is made; atleast not to the point I was expecting. Maybe my expectations were too high.