LLC or Corp - Posted by henry


#1

Posted by Rob FL on January 16, 1999 at 20:04:25:

–If I have a few rentals now and would like to put them under a LLC, how would I go about doing that? Or should I put it under a Corp?

I use an S-corp for my rentals, but an LLC is probably your best protection. You just need to sign a deed from you over to your new corp or LLC.

–Do I need a lawyer for a LLC as I do a Corp to become one?

You don’t necessarily need a lawyer but the formalities of LLC and corp are somewhat similar.

–When I buy another property how do I sign the contracts and mortgage notes if I don’t use my own name, do I just sign the LLCs name or Corp name?

I sign all my corporate docs as Rob FL, as president of my corporation. Never sign personally if you can avoid it at all.

–Do I use beneficiaries for each and how do I set them up?

Beneficiaries? These are only used in trusts. Explain further.

Best wishes.


#2

LLC or Corp - Posted by henry

Posted by henry on January 15, 1999 at 16:31:59:

Hi Folks;
This may sound kinda dum but I was wondering a few things of LLC and Corps. If I have a few rentals now and would like to put them under a LLC, how would I go about doing that? Or should I put it under a Corp? Do I need a lawyer for a LLC as I do a Corp to become one?When I buy another property how do I sign the contracts and mortgage notes if I don’t use my own name, do I just sign the LLCs name or Corp name? As you can see I have information overload and need some direction.Do I use beneficiaries for each and how do I set them up?Please helpany info would straighten me up a lil
Thanks
~henry~


#3

Re: LLC or Corp - Posted by dave

Posted by dave on January 17, 1999 at 21:56:04:

henry, the first thing to do is get an accountant, and get an attorney. these two people will be your advisors and counsel, and will help you sort through the information overload. they are well worth the cost. don’t hold real estate in a corporation. use a llc or partnership. dave-cleveland