Should I turn STR in Fort Lauderdale into a LLC?

[Adam Harper]

Should I turn my second home using as STR in Fort Lauderdale into a LLC? If I should, where do I start the process in Fort Lauderdale? How long does it take? and how much will it cost me? What are the pro and con of running it as LLC?

Thank you in advance!

[Brian Bradley]

@Adam Harper do you want tax benefits or asset protection? that you big decision. An Asset Protection setup is tax neutral, but may give secondary tax benefits. But that is not the goal of AP. Talk to your CPA and AP Attorney. Or get one. DO NOT set up an LLC and operating agreement on your own. You will have no idea what clauses to put in and words to use in the initial filing and articles of incorporation to even start the process. Standard language is not used for AP. And the operating agreement has to be done correct to maintain the separation.

For AP purposes, set up an LLC or Series LLC if looking to keep investing. And transfer your property into your LLC/SLLC via a legal trust that is a member of the LLC. Again, an attorney is needed to do this properly and smoothly for you. The timing is not very long, We do this for clients nationwide. You can set up your LLC or SLLC in a AP strong state like TX, NV, DE. then invest wherever you want in whatever state you want. Then after you purchase the asset, you have your attorney quickly and easily transfer the property for you.

The cost of this is not much at all. For example, a simple Series LLC with anamynity trust would run around $3k or less.