LLC Just formed. Just starting

[Gadiel Escobar]

Hello BP People's ! I recently formed an LLC and was looking for guided experience on Next steps. I understand no legal advice, but It would be extremely helpful to know how your next steps of action after creating your legal entity were! Just wanted a few stories/pointers . Thank you all

-Gadi

[Alexander Szikla]

Agreed, clean accounting is key with an LLC. Commingling personal expenses totally defeats the purpose.

An LLC is very cheap insurance and insulates your asset(s). However, financing will certainly be more difficult and more expensive.

This can be circumvented by transferring property to an LLC after closing the loan, but you need to make sure that is fine with your lender beforehand. Some lenders have a due on sale / transfer clause which you must be mindful of.

Overall, I highly recommend using an LLC