What I need to be asking my legal counsel?

Question

Good afternoon BPers, I'm searching for an attorney in Sacramento to set up LLCs for rental properties, rental contracts, review contracts and I'm also looking for a tax attorney, to be honest I'm not exactly sure for what. So, before I go face to face with these individuals and sound like a babbling idiot, I'd like to be prepared of what I should be asking them, what should be expected of their service, and any thing else you'd ask your attorneys.

As always I appreciate your help in advance

Stephen Haynes · Answer

He has a website Teamlink.com check it out tons of useful info there. I hope this helps.

Thai Tang · Answer

@James Miller I have a basic understanding of what the tax benefits are between the classes of corporations and I'll look more into the manager managed vs member managed, my current company is set as manager managed LLC. I think I can come up with a list of questions from your feedback. Thank you

@Stephen Haynes thanks for tip, that is the first time I've heard of his name

Stephen Haynes · Answer

Gary Link is a great resource for any landlord in the Sacramento area.

James Miller · Answer

Read about LLCs. Read about the difference between taxation choices, i.e. disregarded entity versus S-Corp. Read about member managed versus manager managed. Know how you intend to capitalize (cash, debt, etc...) How many other investors? Private? Family? Are you trying to raise outside money?

Do you know what a K1 is? Do you know the difference between a shareholder and member? Do you know what a contribution and a draw is? Do you know the difference between a W2 employee, a 1099 indpendent contractor, and a partner?

So on and so forth...