Lawyers, things to look for and ask

[Gustavo Lopez]

Hello BP!

The process for my partner and I to begin our real estate venture is almost complete. We have talked to an investment group that we are happy to continue with at the time and have talked to a bank about different financing options that are available and plan of action. The next stop we have is to talk to a lawyer which will be this Friday October 6. We have been told by numerous separate sources that an LLC is the way to go and after some research of our own, we feel comfortable with that situation. The question that I have is what type of questions should I be asking the lawyer? He was recommended and seems to be genuinely interested in our situation, we will be asking questions on pros and cons on LLC, different things to go into our agreement; things of that nature, but I wanted opinions and questions people have in mind, any help would be greatly appreciated.

Thanks,

Gus 

[Dominic Bouchard]

@Gustavo Lopez Hey, not sure exactly if this is what you're asking but I will definitively ask how many similar deals the lawyer did in the past. And what are the things that would apply to your situation (and what not!). 

I would ask what's the usual requirement for the LLC "upkeep" and what to expect in the future regarding managing different bank accounts, liability, taxation, etc.

[Gustavo Lopez]

Dominic,

Thank you, I had not thought of asking the lawyer about upkeep cost at all. It would be a great thing to know. Also, we had planned on asking him on his experience and how the day to day would be affected by an LLC.

Thanks for you reply,
Gus