All Forum Posts by: Joe Semifero

The actual set up of an LLC in MI is very inexpensive - $50 to the state and $25 a year to renew. The paperwork is pretty simple. Please let us know how the conversation goes and how you proceed.

Hi, Paul, 

I use https://track1099.com/. I know the site says it is 1099s, but they also do 1098 and a number of other forms. It is (from my perspective) inexpensive and easy. You literally can download the form to mail within minutes of signing up. I think I paid $3.99 to do a 1098. 

Doing some searching on MI State web site and laws, it appears you have to be in good standing to dissolve, and it appears it takes not filing two annual statements to lose good standing.

I would think you can file for dissolution without filing at least one of the annual filings. Can't hurt to call the LARA office in Lansing to confirm.

From the sites: 

"Failure to file the annual statement will result in the company no longer being in good standing after two years..."

http://www.michigan.gov/lara/0,4601,7-154-61343_35413_35429-118513--,00.html

"NOTE: If an LLC is currently not in good standing status, in order to file a dissolution form, the LLC must first restore good standing."

http://www.michigan.gov/lara/0,4601,7-154-61343_35413_35429-118500--,00.html

Act 23 of 1993

450.4207a Certificate of good standing.

Sec. 207a.

(1) ...A certificate of good standing issued to a domestic limited liability company shall state that it has been validly organized as a domestic limited liability company, that it is validly in existence under the laws of this state, and that it has satisfied its annual filing obligations.

(2) If a domestic limited liability company or a foreign limited liability company authorized to transact business in this state fails to file an annual statement required by section 207 for 2 consecutive years, the administrator shall notify the company of the consequences of the failure to file under subsection (3).

(3) If a limited liability company does not file all annual statements it has failed to file, and the applicable fees, within 60 days after the administrator's notice under subsection (2) is sent, the limited liability company is not in good standing."

http://www.legislature.mi.gov/(S(3pau5z4owtccs1yidcbjfuxl))/mileg.aspx?page=GetObject&objectname=mcl-450-4207a

Welcome to the site! Tons of stuff here for new and experienced investors. 

What are you looking for in an attorney? I have used Doug Swatosh in Romulus for evictions and review of contracts and leases. Good guy, works with other landlords in the Romulus area, and I would think he could cover AA, also. 

36510 Goddard Road
Romulus, Michigan 48174
(734) 955-9088

http://douglasswatoshlaw.com/

http://www.yelp.com/biz/douglas-r-swatosh-pc-romul...

Joe Semifero

Again, the answer is, what does your lease say? If you have a signed lease, then they are responsible for the rent and you have to allow them to occupy. I would think if you have the first months rent, they are paid through the first month, and you would have to wait until at least the second month in order to start eviction. The renter doesn't get to see what you "get to keep," The lease does.

I think I would explain to them that you have costs and you have a lease with them. You can come to some deal on what is returned and what you keep. But at the very least, I would think you would get to keep some amount to cover until a new tenant is found. From what I understand, the tenant is responsible for the rent until it is re-rented if they break the lease.

Joe

Thanks, Richard. When you say, "small offices," do you mean small independents or small offices associated with the larger RE companies? 

I'm seriously considering this but not ready to let go of my current day job, so that means part time at best. Any suggestions on AA area or Western Wayne RE brokers? 

I was looking at the training sites available and I thought the programs offered by Claudia Cauley looked pretty good. How did you get your RE license? 

Joe

 Sarrah - Did you ever have any luck finding a broker in Michigan to work with? 

Thanks!

Joe

Barima - Did you ever get any feedback on potential brokers in Michigan that are good for investors? 

Thanks!

Joe