I will buy a multi-family property in Texas under an LLP. Does the LLP need to be pre-formed?

In Buying Property - Asked by Emanuel C. - Apr 6, 2010
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Steve M.
Owner/Investor
Plano, TX

Emmanuel, if you want to close under this entity then yes. If you have a lender on the deal I suggest that you create the entity first. It typically takes me about 2 weeks to get one done using my attorney for an LLC or LP in Texas. You will also need a Employer Identification Number for the entity. That comes from the IRS. Once you get the entity registered and approved you can apply online for the EIN and it will give you a provisional number (usually the same as the permanent one) almost instantly.
I suggest waiting until after the inspection period is over before spending the money on the entity. That is the way I do it with my investors. I have been doing multifamily for almost a decade in Texas.Regards, Steve 972-896-6501

Apr 7, 2010
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