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Updated over 7 years ago on . Most recent reply

Account Closed
  • Dunedin, FL
5
Votes |
33
Posts

Setting up your own LLC or having an attorney do it for you?

Account Closed
  • Dunedin, FL
Posted

So I know the type of entity structure I want. I want to open an LLC in a state that has good asset protection (NV) and do business in the state in living in, FL. Now I plan on opening a separate LLC (or 2) in FL, one for buy and hold and one for flips. I've consulted with multiple attorneys, most of which either had no idea what Im talking about or weren't comfortable/familiar with the process. So my question is this, do I run any greater risk in just going to the NV website and setting up an LLC, then going on FL site and setting up another and listing the NV LLC as the owner?

Follow up, is there a way to do this so I only have 1 tax return instead of 3?

Thanks BP!

Most Popular Reply

Account Closed
  • Dunedin, FL
5
Votes |
33
Posts
Account Closed
  • Dunedin, FL
Replied

@Linda Weygant So I Finally found an attorney with experience in asset protection and he steered me in the right direction. In FL, asset protection laws aren't as good as other states for single member LLC's, but if you in a multiple member LLC if gives you better protection from yourself (car accident, fight, bitten by a radioactive spider, etc). So I can get a "partner" who has 1% stake with no voting rights or distribution. Of course I'll have to abide by a few more corporate formalities like minutes and meetings but still worth it.

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