Setting up my own LLC vs setting it up through a lawyer?

[Kimberly Strat]

Hi there,

We are getting ready to set up our first short term rental property and want to get an LLC set up. The State of Colorado's application to set up an LLC is pretty straight forward and costs roughly $50 compared to having a real estate attorney set it up for almost $1500. I'm just wondering if we would be fine to set it up on our own or if it is definitely recommended getting legal help and worth the cost. Thanks for any input!

[Kirsten M.]

I had everything set up by a lawyer. While I may hold an MBA, I don't hold a law degree. I think certain things, like the safety of my assets, be left to a professional. Another point to note is that finding out who the owner of an LLC is quite easy with a simple Google search. Often times, people who set up their own LLCs use their own name as a manager and the registered agent which is a big "no-no". I agree that setting up an LLC is easy and cheaper to do on your own, but along with the LLC, you need an operating agreement. This is where a real estate lawyer can help.