All Forum Posts by: Hunter Payne

Thanks, Timothy VanWingerden.  That's what I needed to hear.

I've used Mint very successfully for 10+ years to track income, spending, and net worth for my family's fairly complex personal finances. Every single asset and liability on our net worth statement is linked or included, and I can look at data and reports and export them to Excel. I can isolate data by account/asset or by income, expenses, or subsets. We've now set up a single-member disregarded entity real estate LLC in TN that will hold around 10 rental properties. I'm wondering if I can use Mint for bookkeeping instead of Quickbooks (or one of the other online or software programs that are not free) when Mint is free and I'm very, very facile (and fast) with it. If I were to use it, I would set up a unique username for the accounts and assets that are in the name of the LLC so that I would not commingle that data with data from other accounts and assets in my family's personal names. I can separate income and expense items with identifiers by property. I could then run the Excel reports at the end of the year to hand to my accountant. Anyone have any thoughts? Good idea? Bad idea?

@Michael Plaks

Based on a review of the statute, I think I agree with you. I’ll review with my attorney, but I wanted to research before I spoke with her so that I could frame what I thought the answers were and see if she agrees. Thanks!

My wife and I are planning to invest in rental properties in Alabama. We're planning to set up an Alabama Series LLC to own the properties. We'll be 50/50% member-managers. We're engaging a property manager in Alabama. We reside in Florida. The only activity in Florida will be executive decision-making, accounting, tax, legal, and finance management, all of which will be handled out of the home office. We are very familiar with all of the requirements of doing business as an LLC in Alabama, and we understand all of the fees (both initial and ongoing) and filing requirements. Our only question is whether we will need to register the LLC in Florida as a foreign LLC, given that the properties and property management will all be in Alabama. Does the light office work contemplated to be handled in Florida in our home office constitute "doing business" in Florida such that registration of the foreign LLC is necessary in our home state of personal residence? We understand that, if registration is required, it would be of a foreign LLC, but is registration in Florida required at all?