Forming an llc in Maryland for first rental property

Baltimore, Maryland
Legal & Legislation
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Forming an llc in Maryland for first rental property

Mark C.
Member since 2024 · 13 posts · 3 votes

I am about to buy my first rental in Baltimore metro area.  Is it as simple as setting up an llc on zen business or should I hire an attorney?  Is there a way of keeping myself anonymous from the renter?  

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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
2y

Maryland LLCs are public information.

Why would you want to hide your identity from your tenants?

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    2y

    Maryland LLCs are public information.

    Why would you want to hide your identity from your tenants?

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Mark C.
    OP
    Member since 2024 · 13 posts · 3 votes
    2y

    Great question 1)  tenant is a serial killer (or similar 2) tenant is psycho and tries to sue me personally thinking I may settle and avoid litigation fees.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    2y

    Maybe don't rent to serial killers.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • Joe Norman
    Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
    2y

    Setting up the LLC is very simple, just google "Maryland business express register your business" and the Maryland.gov page will be the first non-sponsored hit. Don't forget that once your LLC is registered you will also need to go to the IRS website and request an EIN. You'll also need to file a Personal Property return with the Maryland' Comptroller's office (and pay the $400 filing fee) in order for your LLC to stay in good standing.

    All that said, you will never be truly anonymous from a tenant who really wants to find you. Owning in an LLC will also limit your financing/refinancing options. Good luck!

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  • Ned CareyPro Member
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    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    2y

    @Mark C. yes it is simple to set up an LLC. You do not need an attorney nor even a paid online service. The problem is that LLC might be woethless if you don't learn the law reagrding entities and what it takes to run them properly. No online service will help you with that, a good attonrey should.

    I sugest self help law books by NOLO Press. I don't recomend doing it yoruself in the begining. However haveing a basic knokwledge of what is involved and how to run a entity properly will make it more easy to work with a good attorney. 

    Regarding anonymity, a good attorney or true stalker, will be able to find you regardles of what you do.  I never understand why people in business think anonymity is good. 

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