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Updated about 4 years ago on . Most recent reply
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CPA & Attorney referreal for out of state investing
I will be investing from out of state (I'm from Argentina). I'm looking for an attorney and a CPA who could advise which direction to take with the LLC setup.
I will be investing:
- Real estate - I will buy 1/2 rental properties in Columbus, Ohio in 2021. I'm planning to buy 2 more in the next 5 years.
- Stocks investments - I will invest in financial instruments through a fiduciary.
What do I need?
- LLC setup advice for limited liability.
- LLC setup advice to optimize costs and taxes.
- Protection in case of death. Configure the best strategy so that a person of my choosing (from Argentina too) inherits the LLC easily.
Doubts
1) Should I have a separate LLC for real estate business and another one for stocks? Or is it better to unify both investments in the same one considering that I am not going to operate very large amounts and reduce maintenance costs ?
2) Which are the costs of setting up an LLC, maintaining it and filing taxes each year? I don't want the yearly cost of the asset protection to turn good investments into bad investments..
3) How can I deduct expenses from taxes? What documentation should I save? For example: Travels, business supplies (computer, etc).
4) Ownership succession upon the death of the owner. Maybe include transfer on death language in the Bylaws?
Most Popular Reply
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Greetings @Tom Fenoglio I have attached a link to the CPA I use. They are based in NYC but they are set up as a virtual CPA so this should suite your needs being an out of state investor. They should be able to answer all your questions about setting up the LLC, costs, etc. https://www.aiolacpa.com/
Best of luck!