Realtor · Detroit, MI · Member since 2019 · 39 posts · 9 votes
Hey
I am currently seeking out for some legal help to help me direct my business plan in the most advantageous way. This is my first time seeking out an Attorney or CPA to help me with my LLC. I would just go online and start searching for some in my area, but I really want some with experience in real estate before I do anything. What is the best way to reach out to one? Are there any risks associated with being new to this business?
Attorney · Northbrook, IL · Member since 2017 · 719 posts · 549 votes
6y
@Ronald P. If you are doing a sole member LLC, it's pretty straight forward. The biggest issue why people need a CPA or attorney to help is to make sure the process is completed. You would be surprised how many investors with their own LLC never sit down to write out their operating agreement with themselves. Skipping steps opens you up to liability.
Flipper/Rehabber · Aurora, CO · Member since 2020 · 5 posts · 1 vote
6y
@Ronald P.
Following because I’m working on the same thing.
I did find a lawyer I'm going to meet with via a real estate agent who I've looked a a few houses with. I'm hoping to figure out the questions I need to know about setting up LLC and a partnership with my brother.
Attorney · Northbrook, IL · Member since 2017 · 719 posts · 549 votes
6y
@Ronald P. What's your business plan? If it's just you, it's pretty simple to set up. If you plan on having partners, it becomes more complicated. You always need to set the guidelines for a business venture with partners so there is not miscommunication later on when problems come up.
I am starting a small LLC myself just before I starting signing some contracts, people told me to take the CPA or attorney route because they can help me a lot. I have been told I can start one up by myself and save money, but I think it's best with a professional for my first time. I just need to find some connections in the first place, I will be also going to a REI event soon hopefully I can maybe find a referral.
Attorney · Northbrook, IL · Member since 2017 · 719 posts · 549 votes
6y
@Ronald P. If you are doing a sole member LLC, it's pretty straight forward. The biggest issue why people need a CPA or attorney to help is to make sure the process is completed. You would be surprised how many investors with their own LLC never sit down to write out their operating agreement with themselves. Skipping steps opens you up to liability.