Currently I am looking for a RE attorney to set up a Series LLC. I think I got ripped off charging me for $4500 from an attorney and I am asking for a full refund! They have not done a thing yet! Blame it on myself, should have done my due diligence better!
My question is how do I manage to open my BANK account for my LLC and manage all the transactions later from overseas? The attorney ripped me off did offer the service of opening accounts for me. So it's absolutely doable for any attorney I guess. Is that part a standard service or something extra I got to pay for? But $4500 made me sick! It's all over the internet from $300-$700 including some first year fees whatever.
New in the business and appreciate all you investors had experience with this could lighten me up! I am sure lots of you out there paid your price for lessons learned and love to hear about them! Hopefully for future foreign investors to see them as precautions.
@Clarence Gong What state did you form in?
Currently you can only form a Series LLC in seventeen states:
Alabama, Delaware, Washington D.C., Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nevada, North Dakota, Oklahoma, Tennessee, Texas, Utah, and Wisconsin.
@Clarence Gong The attorney that set up your LLCs should have provided you the following for each of your LLCs.
- Articles of Organization
- EIN Number
- Register Agent (make sure you have this)
- Perhaps a simple Operating Agreement
Make sure to follow your state filings and fees associated to keep your LLC(s) active and in good standing with whatever state.
If you have all of those items above you should be able to open up a bank account(s). You will want to talk to your CPA. Make sure that CPA has experience with Series LLCs.
In terms of management of funds, rent checks, deposits, and etc you will want to have a conversation with your property management company. If you plan on buying an flipping you will want to have a very detailed outline with your team here in the states on how that will work and who will be responsible for that. *The items I just talked about should be in you Operating Agreement amongst others topics.
I hope this helps.
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If you are overseas and in the U.S. Military look into USAA or Navy Federal Credit Union. They are great assets for the military.
If you are overseas as a contractor or working for a private company, their house counsel could give you advice as an employee.
If you are a foreign national then check with an attorney in your own country.
Your best bet is to hire an attorney from your hometown.
In my opinion a series LLC sucks. The reason being is that any potential plaintiff's attorney can log in online at any one of 50 Secretary of States offices and count the number of buckets in the LLC. They now know you have 10, 15, 25 or whatever properties in your Series LLC. They are then in a better decision as to what you own and how much to claim in their lawsuit against you.
@Clarence Gong - I suggest vetting an attorney until you find someone you trust. Potentially someone who has experience with investors and ask for references so you don't get ripped off. I met with four attorney's before selecting mine and one thing that was consistent is simple setups, such as starting an LLC or series LLC they have fixed pricing for. That is because they do it all of the time and know how long it will take them. Pretty much everything else is on the hourly basis based on the retainer agreement we came up with. I would wait until you have build some relationships with some banks, CPA and attorney's so when you are ready you can hit the ground running.
Build the team and it makes the rest easier for you, just make sure they're people you can trust.
There are several attorney's we work with here in the DFW area and can provide recommendations if needed and you want to talk to more than one. I don't think setting up bank accounts for you is probably what you want or need. Lawyers are going to charge you probably big money for doing something you can probably do yourself. Not every bank is used to working with foreign citizens even within the same banking company. One branch may tell you they can't do it and one down the street can. I think you can manage this all over the internet from anywhere. There are online only banks like Ally and Orange and probably others. If you are working in Texas I would think someone like Wells Fargo, Happy State, Frost Bank might be good choices, but I'm sure there are others.
Get your master LLC setup, then your bank accounts, then you should be ready to go...
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