All Forum Posts by: Brian Bradley

@Brandon Sturgill find an attorney to draft your OA. IF you don't have an OA and it is not done correct, then your LLC is worthless anyways just as @Jeff Kehl stated. 

Doing it yourself in the legal world is dangerous just like doing your own taxes if not a CPA or your own medical issues.  

The Operating Agreement is the foundation, nuts and bolts of your LLC. Not having your Operating Agreement done correctly could be disastrous if ever sued or audited. It will generally be one of the first documents requested in discovery if sued.

The operating agreement is the most important document in your LLC. It memorializes the rules, rights, responsibilities and structures, the roles and framework of the business, your agreements and roles of your partners, and most importantly maintains your limited liability in the event of a lawsuit.

The operating agreement structures your working and financial relationships. For most investors, you started your LLC for protection and to limit your personal liability. Without your operating agreement properly in place, the LLC will then resemble a sole proprietorship from the courts, especially if your LLC is a single member, and your LLC's individual existence will not exist. The courts would pierce your veil. One way the LLC liability veil is pierced is by a lack of true separation between your LLC and you the owner. The true separation, and proof that your LLC is governed and run like a business, is the Operating Agreement.

If you have already decided to go the route of creating an LLC for your investments, then you must budget ALSO for the Operating Agreement. Otherwise the reason for creating your LLC in the first place is out the door, and you are still vulnerable.

@Callum Sinclair @Ashish Acharya I would not say that an LLC is not really a true liability vehicle. It is one of the parts. It takes more then just an LLC though to create true AP and barriers. Talk to your CPA and Lawyer, Get the right tax advise for you and your short term and long term plans, and talk to multiple lawyers to get familiar with all the different structures. Also get as much insurance as you can for coverage and an umbrella policy. If your goal is AP, then it is creating multiple layers of defense to protect your castle. Also when budgeting for your LLC, don't forget to plan for your Operating Agreement.

Did you incorporate your LLC but put off your Operating Agreement? This surprisingly is not uncommon. Some have the misconceptions that just because they filed their LLC Articles of Incorporation they are now protected. You are not. Of lack of budgeting. The AOF just create your LLC with the state you incorporated it int. The Operating Agreement is the foundation, nuts and bolts of your LLC. Not having your Operating Agreement could be disastrous if ever sued or audited. It will generally be one of the first documents requested in discovery if sued. You are now open and vulnerable without it.

The operating agreement is the most important document in your LLC. It memorializes the rules, rights, responsibilities and structures, the roles and framework of the business, your agreements and roles of your partners, and most importantly maintains your limited liability in the event of a lawsuit.

The operating agreement structures your working and financial relationships. For most investors, you started your LLC for protection and to limit your personal liability. Without your operating agreement in place, the LLC will then resemble a sole proprietorship from the courts, especially if your LLC is a single member, and your LLC's individual existence will not exist. The courts would pierce your veil. One way the LLC liability veil is pierced is by a lack of true separation between your LLC and you the owner. The true separation, and proof that your LLC is governed and run like a business, is the Operating Agreement.

If you have already decided to go the route of creating an LLC for your investments, then you must budget ALSO for the Operating Agreement. Otherwise the reason for creating your LLC in the first place is out the door, and you are still vulnerable.

talk to @Brian Eastman with www.ira123.com he is the main man with SDIRA etc he has set up a lot of the big guys on BP and really is considered the go to professional. Just in random conversations when the topic comes up I am surprised how many people have used Mr. Eastman outside of the BP world. He gives free consultations. Well worth the time to talk to before you make any decision. 

Looking for a second home / vacation home in Walla Walla. We would also like to rent the property when not using it and cash flow. Need an investment agent familiar with the area, market and local wine country. Preferably an agent that has investment properties of their own. 

Investment property with great potential for upside. Very well maintained 4-plex in a highly desirable location, one block from Liberty Rd. S. Each unit is 1/1, one unit is currently owner-occupied. Rents appear to be well under market at this time. 30 year membrane roof installed in 2012, dishwashers installed in all units last year. On-site laundry facility, walking distance to the bus line. https://wvmls.paragonrels.com/publink/default.aspx?GUID=4eed6f43-5728-4de6-8c56-92162f434d95&Report=Yes

CASH COW ON CAMPUS!! Sides mirror each other; beautiful hardwoods in vintage living space w/updated kitchens. Tastefully done cabinetry w/granite counter tops. 2 beds upstairs w/updated baths. Fully finished basement w/2 nicely sized beds w/full egress to code. Space allocated in basement to add another full bath. Oversized 1 car garage w/separate storage on 404 side. Plenty of parking for both units. NEAR campus. ZERO VACANCY RATE. Easy maintenance. 7.2 Cap w/upside! https://wvmls.paragonrels.com/publink/default.aspx?GUID=9842f02f-e201-4e7f-8bda-d7665a306eea&Report=Yes

@Mike S. Good questions. Since this is a public forum for just opinion and you seem to be seeking legal advise I am going to say first I am not giving you legal advise and to talk to your attorney about your options etc. 

If you don’t have one I would recommend Lodmell on this one since you they are the best when it comes to foreign entities. We can always set up a meeting and talk with Lodmell and Lodmell. I affiliate with them so the conversation can get set up fast and serve better for a more in-depth talk.

So if the LLC is going to hold RE in a state and that is why it is registering to do business as a foerign LLC, then yes I would say that it does weaken the WY LLC. As you can imagine, any court in a state where an LLC is registered is going to apply that states laws. You would look at the state that where the LLC is registered first.

What Lodmell and Lodmell suggest is using an LLC in the state that the property is in and then having it owned by the out of state holding company, like the AZ Asset Mgt. LP.

As to the Nevis LLC, yes if you are trying to bring it back in to the US and use here, then I think it is significantly affected. I would suggest using a Nevis LLC only if you can keep its function offshore and then connect it to US entities.

not affected. No impact. Thanks. 

@Mike V. I am glad I came across this thread. My wife and I are talking about getting a vacation rental on Maui and then VRBO or Airbnb it when not using it. As our girls are getting older and starting to travel their more we are getting tired of hotels.