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Updated about 10 years ago on . Most recent reply
LLC's
I have quite a few properties already and continue to expand. I'm looking to form a LLC soon. I will be meeting with an attorney but wanted to see what advice you guys had... Maybe questions I should ask; things I should think about or be careful of; anything to make sure i do or don't do etc.? Any advice is helpful thanks.
Most Popular Reply
#4 All Forums Contributor
- Plymouth, MI
It depends on what state you live in. In Michigan, it costs $50 to set up, and $25/year to reinstate. You don't need to refinance. You can Quit Claim the title into the LLC...but the loan remains in your name. The property is still collateral for the loan, but for tax and asset protection it is in the LLC. The only asset protection it doesn't have is from the loan.
One big rule of thumb though. Make sure it isn't a single member LLC. It must be some sort of a partnership...at least two members...and the members can also be LLC's.