Partnership formation tips

[Adam Melon]

Looking to partner with someone to acquire rental properties. We're looking to create a holding company LLC in Delaware, and LLC in the state where we purchase property, that will be owned by the Delaware LLC.

1. Would you recommend hiring a lawyer for this? If so, just focusing on the lawyer fees and omitting state filing and any other corky state fees, how much should I be paying?

2. Or should I go on a website and create the entities myself and file with the state on my own? What website would you recommend?

Disclosure - I am not seeking legal advice. Just want opinions.

Thank you in advance.

[Sean Morrison]

What you are descibing is a relatively advanced asset protection strategy with a holding company. Filing the forms with the state is easy, but you also must create two companies that do business together, with one being a subsidiary. And you have a parter to boot. Definitely worth talking to a lawyer. If you’ve got enough money and assets that you need a strategy at this level, then you have enough to afford an attorney.