All Forum Posts by: Matt Horwitz

In New Jersey, the Articles of Organization is known as the "Certificate of Organization". In Jersey, this was created when you filed your "Public Records Filing For New Business", so you should already have the Certificate of Organization. If you need to order a copy from the NJ Treasury, you can do so here:
https://www.njportal.com/DOR/businessrecords/EntityDocs/BusinessCopies.aspx (instructions)

A Certificate of Good Standing in NJ is called a "Standing Certificate". You can order that here:
https://www.njportal.com/DOR/businessrecords/EntityDocs/StandingCerts.aspx (instructions)

You should be able to knock all this out yourself in a day or so. Hope that helps.

You'll want to talk to a number of banks since getting a loan in your personal names vs. that of an LLC is completely different. A loan to an LLC is usually handled in the banks 'commercial dept.' and rates, down payment, and other terms will be different.

Hey Shaun, try Jason McGrath in Charlotte or Jason Page in Wilson. If you need steps for the NC LLC filing, let me know how much detail you want. I know the filing process inside and out there ;)

@Ian S., you are correct re: franchise tax. I recommend the mailbox setup for privacy. I've worked with a handful of companies over the year and the biggest thing to be aware of (in re: the franchises) is each is owned and managed differently... and having a great company vs. a crappy one can make all the difference.

Here is my SOP (standard operating procedure):

1. Google search "the ups store {your city and state}" or "mailbox rental {your city and state}

2. Print off a few of these questionnaire documents

3. Call each location and run through the questions below

4. Choose the business you trust and feel most comfortable with

[=================================]

Price for Business Box:
-What is the monthly price of a small business mailbox?

Address Formatting:
- What is the address format of this location?
- Can I use Apt., Suite, #, Unit, etc? Are there any restrictions to what I can use? What are my options?

Personal Use? Multiple Businesses/LLCs?
- I will register the box in my business/LLC name, but can I also get mail sent to my personal name as well? What about if I have multiple LLCs?

Mail Forwarding:
- Do you offer mail forwarding? What is the charge for mail forwarding?

Packages:
- Can I also receive packages? If so, can you forward them (re-ship) or do I need to pick up?

Ownership & Longevity:
- How long have you been at this location?
- I'm looking for a long-term solution for my mail... just curious, how long is your lease until? Do you plan on moving in the next 3 years?

Hours:
- What are you hours? If I pick mail up, can I only retrieve it during normal business hours, or do I also get a key for after hours access?

What's Needed to Open Box:
-What do I need to open the mailbox? 2 forms of ID? Anything else?

Short answer: yes. Longer answer: call a few banks to check as some may want to get involved... others won't.

@Brant Jones, you should be forming the LLC(s) in the state where the property is located. Reason: that is where you are legally doing business. Buying property in WI or IL with a CA LLC would require you to register that CA LLC as a Foreign LLC in those states.

@Evan Salvador, to clarity, CA $800/year franchise tax is not due for owning a Domestic WI or IL LLC. It's only due if the WI or IL LLC would be registered as a Foreign LLC in CA. Other taxes in CA will still be filed... just not the franchise tax.

If you're just starting out, I say 1 LLC per property. Besides the added asset protection, it does keep financials and accounting much more organized. As you grow your portfolio, you can look at other ways of holding title.

Banks are commissioned and governed on the state level, so to open a "Wyoming bank account" in Virginia will require cross-branch opening. Find a bank located in both states then call the branch in WY and coordinate you opening your Wyoming account from Virginia.

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Leave the cash in the LLC bank account. No point in distributing then contributing later.

Money put into the LLC can be made as a loan, but in the context of your question, it's just a contribution.

I'd also consider spelling out distribution % of profit in your Operating Agreement. Sounds like you're putting in all capital, but splitting things up differently. Default/template Operating Agreements won't have this language in there, so make sure to have a competent attorney look over your Operating Agreement, or create a custom one.

I like to make the LLC name sound powerful, authoritative, and a bit ambiguous.

Think of one or two words (tip: look at other languages for ideas and uniqueness/meaning) and then add the following at the end. 

Here's a few examples:

- Granada LLC
- Granada Associates LLC
- Granada Capital LLC
- Granada Consulting, LLC
- Granada Consultants LLC
- Granada Group LLC
- Granada Management LLC
- Granada Partners LLC
- Granada Real Estate LLC
- Granada Realty LLC
- Granada Ventures LLC

Bonus: if you can get an alliteration in there (ex: Granada Group) it sounds even cooler ;)