please someone tell me if i need an attorney to create LLC to buying commercial?

In Buying Property - Asked by andrey p. - Jan 5, 2010
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Answer(s)

Andy R.
Owner/Investor
New York, NY

You can incorporate a LLC without an attorney, although if you are asking the question perhaps you want to consult with one! Andy 917-749-8251

Jan 5, 2010
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Tamara N.
Owner/Investor
Milwaukee, WI

Not always. In my state, the process is pretty simple and was done online. I was able to do it after I spoke to a friend of mine who is an attorney.
Good luck.

Jan 6, 2010
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Carmen H.
Broker/Agent
Charlotte, NC

I've had success with McLaughlin Assoc out of Nevada and they can help with the proper paperwork to comply with tax laws. They are reasonable too.
My attorney did an LLC for $120 in NC.

Jan 6, 2010
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Ron H.
Broker/Agent
Lake Mary, FL

An attorney is not necessary to form an entity, you can probably do it online in 10 minutes yourself. But, formation is not the real issue, rather all the details of organization, operation, and most importantly taxation you will encounter in the future are the primary business concerns.
Find an experienced corporate & tax attorney if you need to setup a business structure to address specific expected concerns. A few thousand now could save you many hundreds of thousand in taxes later on.
Otherwise, if you are doing it yourself, instead of forming a company (llc), consider incorporating (inc.) and electing sub.s status (inc.s) to avoid FICA and practical limitations on your personal liability.

Jan 7, 2010
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Heidi G.
Broker/Agent
Ventura, CA

You asked if you need an attorney to form an LLC for commercial property. You may not NEED one, but should you HAVE one?? The answer is probably “yes”, whether entering into residential, residential income or commercial property with any type of partnership or attempting to protect your personal assets, an appointment with a CPA may be where you want to start. Between these two professionals, (and I am going to hazard a guess that you already have a good CPA on board), you will get the information you need to make this decision on your own. Until you partake of these consultations, you are not fully armed. Hope this helps…

Jan 7, 2010
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Reginald E.
Broker/Agent
Upland, CA

My first questions is if you have not purchased commercial property before, find someone who has and ask for guidance or advice.

Jan 8, 2010
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Dana W.
Property/Asset Manager
Orlando, FL

In my humble opinion, it would be penny-wise and pound-foolish not to have an attorney involved at set-up, at least on the first partnership or two. As you get more comfortable with the process and understand the concerns in organizational and taxing concerns, you could move to an on-line service. Good luck!

Jan 8, 2010
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Karla H.
Broker/Agent
New York, NY

I used an attorney for my LLC who wasn't experienced at setting up an LLC in New York, so I ultimately ended up hiring yet another attorney to finish the job! So I hope you find an attorney who can refer you to clients who have actually had this service performed for them.
You don't have to set up your LLC in your home state. So your first question might rather be, which state is the best for your LLC, given your goals?
State laws governing LLCs often change over time, as well. If your goal is maximum privacy, for example, then an experienced attorney would be extremely helpful, I think.
For most of us, the LLC is the easiest and cheapest way to create a corporate veil between our business assets and our personal assets. Even a micro-business like mine ends up with substantial assets. So, spending money on good legal advice at the outset can be thought of as a good investment in the business.
Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
kharby@rutenbergrealtyny.com
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888

Jan 11, 2010
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