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Updated over 8 years ago on . Most recent reply
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Legal questions and long term strategy
What is the best way to find an experienced real estate lawyer or tax accountant that can advise me through general questions? I turned to google but don't know if that is the best approach? I have two properties and about to buy a third.
1) I live in KS but own property in my hometown of Memphis, TN. Does my business need to be in TN or KS? and does either have advantages?
2)what happens if I do KS and then move, can we move the business address?
3)should I keep LLC bank accounts separate from personal(seems logical)? How often can I touch that money for something other then maintenance on the rental homes?
4)Do the lease agreements on my rentals have to be moved to the LLC or do they stay in my name until the term ends?
5)do tax returns on LLC roll into my personal return or do I need to file separate?
6)My wife stays home with our kids, would there be a benefit to putting the LLC in only her name?
7)What if something happens to her?
8)I would like to build a business worth leaving to my kids, is a LLC the best route or I have heard things about trust
9)do I need a federal tax id number?
10)what kind of ongoing compliance is there?
11)any permits required?
12)does my insurance need to be changed if I move forward with a LLC
We are at the point where we have a decent net worth and it is growing at a very decent rate. We would like to make sure we don't jeopardize our assets in a tenant lawsuit. I have never been sued and own property in A+ neighborhood but I feel it is time to move this from a hobby with a good rate of return to a serious business with protection.
I read most of the LLC post on here but I think more then anything I need either or a lawyer or CPA to help guide me and make sure I set up correctly