Maintaining my LLC
Thanks to these posts and , I have decided to change how I operate my business. Yes, it is small, but hopefully one day it will be huge.
The first thing I did was read Your Limited Liability Company. It had documents and information for single member LLCs. Most of my forms came from this book. I got my single member operating agreement from . I read through it and modified things like announcements for meetings. All the documents will go into a binder. Some might think it's over kill, but being a single member LLC, there won't be much work to maintain it. Every year will have minutes and other decisions will be via written consents.
I have also made up excel spreadsheets for my profits, expenses, and mileage. It's not fancy but it's easy to handle. The more property I get, the more I need to have my LLC organized and ran like a business instead of a hobby. Hopefully, I will never have a lawyer or the IRS request anything from me, but if they do, I want to be ready.
Comments (1)
Shanequa - This is something that we all have to try to help new investors learn: "The more property I get, the more I need to have my LLC organized and ran like a business instead of a hobby" It is great to hear that you're taking things to the next level!
Joshua Dorkin, about 12 years ago