LLC on own or have a Law firm do them?

[Frankie Cullinan]

Hello, Question on LLCs. I'm in contract to close on my 3rd long term rental on April 18th. My other two are under LLCs then we have a holding company on top of that. Talking to the law firm that set these up they are saying to purchase the property under my name then switch to an LLC after we close. Cost to have them do this $500. There is also a $155 filing fee payable to the Secretary of State for each LLC. Does this process seem normal and is this something I can do to save the $500 or their a-lot to it and I'm better off paying the $500.00. Plan to buy several more so just trying to get a process in place. Thanks BP

[Kevin Chubet]

If they are SMLLC's you can set them up yourself. Multi-member I would always go to the attorney and have an operating agreement drafted. Just make sure you register for the required state filings. As a CPA when people set up LLC's themselves I spend 1/2 the time registering for things they need. The good news if you go to the attorney is typically things are done right the first time.