I know there is a ton of information out there regarding LLC and CPAs, but on a recent BP podcast they mentioned the order you do some this stuff can impact legal and tax implications.
I'm getting ready to pick a property or two via Owner/Private financing and I know purchasing it as an LLC is the way to go, but I really need to talk to a lawyer and CPA. Any recommendations on where to start looking? Or order of operations? I'm purchasing in the Salisbury, MD area.
Thanks in advance.
No reason you shouldn't be in contact with both. You'll want to go over your LLC formation with an attorney, and schedule an initial consultation with a CPA that specializes in real estate to let them know your plans.
Let me know if you have any other questions.
@Dave Holland Do you guys handle MD?
I actually work with clients all over the US. I can PM you.
If you decide to create an LLC in order to acquire properties, a lender is going to require the operating agreement of your LLC before you can close on the deal. You will most likely have to sign individually and on behalf of your LLC. If you decide to purchase property individually first and then later transfer to an LLC, one thing to keep in mind is that Maryland does not make it easy to transfer from an individual to an LLC tax free. In Virginia you can transfer from an individual to an LLC tax free, Maryland it is not as easy. Feel free to PM me.
I sent you a massage via your website @Dave Holland . Looking forward to talking to you.
Agree with Dave. But before deciding talk to the attorney and CPA first and have them talk to each other. PM if you have CPA questions or post them here.
@Tyler Sterns I'm aware of the Md's personal loan transfer laws, but don't know the specifics. The properties I'm looking to purchase are owner/private financed.
I have scheduled an appointment with a regional lawyer. I'll report back on what she says.
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