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Creating an LLC for beach condo
Posted on 5/8/24 at 1:37 pm
Posted on 5/8/24 at 1:37 pm
Anyone have insight on proper way to setup an llc for a condo on Alabama gulf coast for a Louisiana resident?
We’re closing on a condo later this month that has been in a rental program. It’s booked all of June and most of July. We’re not going to disrupt the existing bookings so we figure might be a good idea to setup an LLC.
I have called two attorney offices, but no call back yet. So I thought someone here might have some experience.
Does it matter if LLc is formed in Louisiana (our home state) or Alabama (property location)?
We’re closing on a condo later this month that has been in a rental program. It’s booked all of June and most of July. We’re not going to disrupt the existing bookings so we figure might be a good idea to setup an LLC.
I have called two attorney offices, but no call back yet. So I thought someone here might have some experience.
Does it matter if LLc is formed in Louisiana (our home state) or Alabama (property location)?
6
Posted on 5/8/24 at 1:48 pm to tigers win2
Google Legal Zoom
Posted on 5/8/24 at 2:28 pm to tigers win2
I can help a little.
Get a real estate attorney. They did mine here in Georgia.
You will also need a bank account. Before you get the bank account you will need to register with the IRS for an EIN number. I did it online in a few minutes.
I chose to do a partnership which means you can just pay yourself a distribution at year's end.
The default is a partnership if you don't know what to do.
I did this a while back so my information might not be accurate or might be different in my state.
Like I said though, get a real estate attorney to walk you through it.
Get a real estate attorney. They did mine here in Georgia.
You will also need a bank account. Before you get the bank account you will need to register with the IRS for an EIN number. I did it online in a few minutes.
I chose to do a partnership which means you can just pay yourself a distribution at year's end.
The default is a partnership if you don't know what to do.
I did this a while back so my information might not be accurate or might be different in my state.
Like I said though, get a real estate attorney to walk you through it.
This post was edited on 5/8/24 at 2:33 pm
Posted on 5/8/24 at 8:05 pm to tigers win2
Louisiana LLC registered to do business in Alabama. Go to La. Sec of State online and you can set it up yourself online in about 10 minutes.
Posted on 5/9/24 at 6:28 am to tigers win2
Louisiana LLC is fine.
Personal use taxation kind of sucks for seasonal real estate. Never visit unless you can document you have done maintenance.
Personal use taxation kind of sucks for seasonal real estate. Never visit unless you can document you have done maintenance.
Posted on 5/9/24 at 8:59 am to tigers win2
Are you lending money? Keep that in mind, if a business/ llc owns it then the loan should probably be in the business name which potentially means a business loan.
Beyond that you pretty much just set up an LLC and you need to open a business checking account and do EVERYTHING financially through that. You will need an EIN.
If its only for a couple of months, you can usually get $1 mil liability for $400/ year. You may consider just doing that. Get an extra personal umbrella also, and move on with life.
Beyond that you pretty much just set up an LLC and you need to open a business checking account and do EVERYTHING financially through that. You will need an EIN.
If its only for a couple of months, you can usually get $1 mil liability for $400/ year. You may consider just doing that. Get an extra personal umbrella also, and move on with life.
Posted on 5/9/24 at 9:27 am to tigers win2
Alabama....Jule Herbert in Gulf Shores
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