Updated almost 8 years ago on . Most recent reply
Texas LLC FORMATION
Hello! I just bought my first rehab in Houston. I think I need to establish an LLC before I close. I was going to go through Legal Zoom but:
1) It seems to have a lot of "add-ons" that I'm not sure I need. For example, do I need to purchase "operating agreements, EIN and licenses"?
2) Are there any downsides in simply completing the form on the Secretary of State website?
Apologies for the basic questions. Any help would be much appreciated.
Kusum.
Most Popular Reply
#3 Commercial Real Estate Investing Contributor
- Attorney
- Dallas, TX
- 2,289
- Votes |
- 5,391
- Posts
#3 Commercial Real Estate Investing Contributor
- Attorney
- Dallas, TX
You don't "need" an LLC, but it does provide certain advantages for a minimal cost.
The operating agreement is what determines how the LLC is managed, dissolved, distributions, etc. If you're single member, not a lot of necessary changes. EIN is for bank accounts, tax returns, (insurance, sometimes).
If you just do the form, you can register, but it really depends on your goals and concerns.