How to set up an LLC
Hello everyone,
I just purchased my first rental property. I am currently working on getting a EIN and opening a business checking account for the property. Once I do that, I would like to transfer the property to an LLC. This is in St.Louis and don't know what laws pertain to this. I am from NY and many investors I spoke to said it was odd that an attorney was not doing this for me. If anyone could assist that would be great! Thanks!
@Kyle Nigro
I set up a LLC in NH. It was easy. Went on the state website and did a search for names that were available and bought one for $100. It's like getting a fishing license from what I can see.
@Kyle Nigro
You need to form the entity first in thrbState before applying for an EIN. The LLC is a state entity so it technically should come first.
Why are doing a LLC? Asset protection? Do you know how to "operate" your LLC? You all set on how to transfer title of your property to the LLC? Do you have a mortgage? How you not going to co-mingle your funds? How are you going to protect your corporate veil?
Just my two cents. Forget the last part of you just want to have a LLC for piece of mind as I know that wasn't your question... Good luck.
@David M. I'm still debating on doing an LLC since it is my first property. I was also looking into an umbrella insurance policy. Not sure what to do
@Kyle Nigro
Well, message me with a contact number if you want to chat in person (not tonight) and I’ll give you my point of view if you think it will help