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All Forum Posts by: James McKillip

James McKillip has started 1 posts and replied 3 times.

Starting Out

Post: Should I LLC or Not LLC??

James McKillipPosted
  • Flipper
  • Milan, IL
  • Posts 3
  • Votes 0

I have decided to go LLC. It will be better for me in the long run. The initial cost is high compared to other states, but the liability insurance was more yearly than the LLC fees. So I'm maxing my liability to $1m on the house insurance and starting the LLC.

0 Votes
Starting Out

Post: Should I LLC or Not LLC??

James McKillipPosted
  • Flipper
  • Milan, IL
  • Posts 3
  • Votes 0

Thank you

0 Votes
Starting Out

Post: Should I LLC or Not LLC??

James McKillipPosted
  • Flipper
  • Milan, IL
  • Posts 3
  • Votes 0

I am on the fence on making a LLC or just getting a liability umbrella. I live in Illinois and because they are digging for any kind of money they can get their greedy hands on the basic cost to file electronically is $600. That's just the basic LLC, if you want an agent it's more and etc. Then every year you have to file a report with the state that cost you $250. For a person that is just starting up I am thinking of just getting a umbrella policy for $2mil. The house I am purchasing is a duplex so I will have two units rented out.

What to do?

0 Votes