What to name my LLC and where to base it?

[J M.]

I need to set up my LLC.

My goal for the next couple of years is to flip. Not hold property. I want to set up my business correctly from the get go.

I wonder what seems to be better, to name your LLC as a person or with a fictitious name. In example
Let's say I am John Doe

1) John Doe, LLC
2) John Doe Homes, LLC
3) Starlight Flip, LLC
4) Frank Wilson, LLC (not real person and not my name)

If you use a personal name do you use your real name or you make up one to keep your real name more private to public searches?

What would you suggest I set it up?

Also, I have been reading a lot about opening the LLC in Delaware. I live in the south. Why would I want to do this vs opening it where I will be conducting business?

Thanks for your input!!

:wink:

[Will Barnard]

Originally posted by Mark Claire Updegraff:

1st off, this question is asked by a new user about every other day. So why not spend some time using the search feature!

Why do you NEED to set up your LLC? You said you won't be holding any property. What is the LLC going to do for you right now, other than cost you money and time to set up? Maybe your efforts are better spent getting some deals under you belt. Just my 2 cent

Mark, I created a thread about how we seasoned members need to be more tacktful in response to newbie questions rather than blasting them. Reason being we want to encourage them all to stay here and stay active, not scare them away or make them feel intimidated to post.
That stated, I must respectfully disagree with your advice.
I recommend (only a recommendation, not legal advice) to use entities as an added layer of liability protection in addition to great insurance. The OG poster is new and has shown a determination to succeed at RE investing and I and the rest of us would like to encourage and assist that endevour.

I flip properties and I have NEVER flipped one in my personal name. Also, it is an unfair assumption to state that ALL of J M.'s future questions are already covered in BP. We all know that there is quite a bit of info here and many topics have been covered num,erous times, but the fact remains that new life to old topics brings up new answers and fresh starts to many questions. This is one of many things that makes BP Nation great.

So J, keep posting your questions (that goes for all new members and seasoned members alike), there are many here who will engage you.

Happy investing! :D