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Updated almost 8 years ago,

User Stats

45
Posts
4
Votes
Danial Qureshi
  • Investor
  • Atlanta, GA
4
Votes |
45
Posts

Setting Up an LLC in GA

Danial Qureshi
  • Investor
  • Atlanta, GA
Posted

I just recently became a landlord and I've began the process of creating separate bank accounts for my tenant to begin depositing funds there. My question is when I begin acquiring additional properties such as an apartment complex or other multifamily properties. From whom I've spoken to it would be in my best interest to set up an LLC?

The primary reason people tell me is that I will be able to protect my assets, but if that is my only asset as of this moment then does it still make any sense? From my understanding an LLC would essentially create a corporate veil and restrict my taxation to up to 35%. Legal Zoom charges about $600/$700 to set up an LLC

At some point what I esentially want is to be able to qualify for a commercial loan at some point, would it benefit me to have the LLC set up today?

Also I don't know if this question is even applicable to this form, but I might as well ask anyways right. Is there an easy way to transfer the property to the LLC, guarantee the LLC (I have no idea to do this I just read this online). Are there steps after this or is this completely state dependent?

If anyone could please guide me I would be truly thankful.