LLC partnership single flip only

[Bryan Lutz]

What is best practice? After closing on a flip, do you close the LLC or keep it open for the next opportunity? Even it were a partnership LLC?

[Matt Gragg]

We work with investors that have been flipping houses for well over 25 years with the same llc name with no issues.

However, I would start a new llc if you were partners with another individual only for a single project with that llc name. This would be to ensure he/she is not a partner on the next deals, if that is what you want? But remember this is not legal advice, i'm not an attorney or lawyer etc.

I would also dissolve the llc to ensure no further transactions are completed without your knowledge and or consent. This would also include any bank accounts, credit accounts and charge accounts etc.

Good luck!