All Forum Posts by: Brian Bradley

@Charles Chiu get or talk to your Asset protection attorney. @Scott Smith is in TX. You can form a LLC in any state and use it like the business it is in any state. TX is a great place for you since you live in TX and TX has great Asset Protection laws. Yes you can form an LLC to receive the rental property and set up a tax ID number and bank account. You just transfer the property into the LLC, have your attorney do it for you. Talk to your lawyer about the details of how to properly transfer property into your LLC. Generally the LLC is connected with a Land Trust. If you want to chat in more detail about this IM me. Like Scott I am an AP Attorney.

@Alejandro Lee if are not going to use it, and it is just going to sit doing nothing for you, then why pay the maintenance fees for it? Do you plan to use it down the road? As @Eamonn McElroy said its a waist from what it seems like and CA does have very broad "doing business as". Talk to your CPA and Attorney and see what the benefit is to you financially and legally. If nothing, then just let it loose. If you already have the LLC and seems like you wanted to have it for Asset Protection purposes, then why not use it, transfer the property into the LLC, get the property out of your personal name, and talk to you CPA about tax advantages for keeping the LLC and transferring the property into it. Know before you dissolve it.

@Thomas Weidner go back to what @Brian Eastman wrote. I am an AP Attorney and Trial Lawyer. I have never seen anything good from legal zoom. Most companies I have sued that used legal zoom had the worst, incomplete and wrong incorporating generic documents they were not worth the paper printed on. You get what you pay for. Use a lawyer do incorporate and draft your operating agreement, properly, and involve your CPA. 

@Deba Douglas for legal advise talk to your AP Attorney, and then talk to your CPA about tax matters. Their is a reason you build your team. Use them. If you don't have them, get them and use them. Only a lawyer will be able to give you true legal advise and your CPA the tax issues to your plan. 

@Lou Croce I would talk to your CPA and see where your takes make the most sense. No it does not matter that 2 members of an LLC live in different states. Business partners live all over the US and world. When you set up your LLC or Series LLC or any holding company have your Attorney draft it and your Operating Agreement for you. IF you wan to talk further I am an AP Attorney, just IM me.

@Joby John you do not want to own anything in you own name. You should transfer your property into an LLC or Series LLC or some sort of holding company that is connected to a land trust. Once your LLC is set up, the next day after closing, you just transfer the property into you LLC/Holding Company. The transfer would not invoke a "due on sale clause" since banks have not done this in god knows how many years/decades, plus the transfer is legal and into your Land Trust just like all other trusts, it just happens to be that the land trust is connected to the LLC. The banks know this is for AP purposes.

Insurance is part of AP but not enough. It is basic. Insurance is not in the business of paying claims, but challenging them and collecting premiums. Make sure to read ALL the fine print with any Insurance policy. 

If you want to talk in more detail, IM me. I am an AP Attorney. AP is a process of crating multiple barriers and separation. 

@Jared Siddle you do not want to own anything in you own name. You should transfer your property into an LLC or Series LLC or some sort of holding company that is connected to a land trust. Then you can also create a property management company to collect rent and hire/contract with vendors etc if you really wanted to have separation. It is hard to get financing for the first 3 years with a LLC until you have a track record that banks / lenders can trust. But you will get a better rate by getting the mortgage in your personal name, then the next day after closing transferring the property into you LLC/Holding Company. The transfer would not invoke a due on sale clause since banks have not done this in god knows how many years decades, plus the transfer is legal and into your Land Trust just like all other trusts, it just happens to be that the land trust is connected to the LLC. The banks know this is for AP purposes.

If you want to talk in more detail, IM me. I am an AP Attorney. 

@G. Brian Davis AP is about creating multiple barriers for protection. Glad to see you on BP helping investors. 

@Matthew Jure talk to your CPA and AP Attorney to set you up per your current situation and a way to grow towards your future goals. 

@Steven Rubino congratulations. Great accomplishment.