Starting an LLC questions

[Cliff T.]

Hi all,

I know there have been dozens of posts re: LLCs but I'm having a hard time nailing down specifics. I understand I should consult an attorney and CPA for the nitty gritty, but can someone please walk me through the basic steps of what I need to do to form an LLC? Here are some questions that I have:

1. I'm based in CA but will be working on fix-and-flip deals in PA. Do I need to form the LLC in CA or PA?

2. How does purchasing property under the LLC name work? The cash that I'm using for purchases is currently in my personal bank account - do I need to transfer the cash to the LLC first? Or can I purchase with the funds in my personal account and then transfer the property into the LLC?

3. Everyone mentions opening a separate business checking account. Is this as simple as going to the bank (once I have the LLC formed) and opening an account under the LLC's name?

Thanks in advance! I'm hoping this thread helps others in the future as these answers aren't readily available in the forums.

[Stanley George]

Hi Cliff!

I would like to know the answers to #1 & #2, but once you have your LLC formed, yes - it is as simple as going to Chase and opening up a business bank account under your company name. I have done that before and it is a fairly easy and straight forward process.

Stan