LLC in New Jersey need advice

5 Replies

I am looking to start an LLC for buying homes, whether I rent or flip figure it is the right move. I was unsure of what was needed I googled it and a ton came up saying $25, $49, $79... after walking through each had a basic, Deluxe, and Premium? What do I need? Should I use legal zoom? Looks like the main difference on legal zoom between a basic and a Premier is the Company Certificates and seal? Do I need these is it worth the difference? Basic is 4 times less than Premier. Not trying to cut corners but rather not spend what I could otherwsie invest. Thanks for the help.

@David Klein  most of these products are similar.  They provide a cookie cutter model and take very little of your personal needs into consideration.  You might want to consult an attorney who can handle the formation documents and tailor them to your specific needs.  Otherwise, most of the products are pretty similar.

If you want to do it yourself to save money check out NOLO Press' website. They have good information and books for self help legal info. I have "Form Your Own Limited Liability Company" from them.  I learned a lot of the basics from that book. 

Even if you chose to work with an attorney, researching LLCs in advance will help you better communicate and understand the attorney's recommendations. 

There is more to an LLC that just creating it with your state. You need to know how to operate it properly. I wouldn't use an online site like Legal Zoom unless I understood the basic concepts of LLCs and how to run them.

Now that I know the basic concepts I still don't use them. I Create and LLC myself and walk into the state office and get one set up while I wait for no additional fees other than the state charges.

Hi @David Klein ! Definitely read up on it, it literally takes approximate 15 minutes to open an LLC. I had to open an LLC yesterday to purchase a new investment property and I timed myself lol. As mentioned here, there is definitely more to just opening one, but the paperwork doesn't take too long to do. The best think you can do is educate yourself on it, and then decide if you want to go ahead and handle it yourself or have the experts do that part, regardless, the education will stay with you forever.

Best of luck!