Posted by James (Ala) on August 30, 2006 at 11:00:30:
John,
It depends on your state. That said, I think most states require some type of designation, e.g., “inc” or “corp.”, if you are incorporated. (Other forms require the appropriate deisgnation, also.) As a general rule, if you are trying to limit your personal liability, you must give the public fair warning.
Your CPA can tell you the financial differences between the different entities but you will need a lawyer to set it up (in most states,) or do it yourself. I recommend a lawyer because he can advise you on the steps to take to keep your entity viable.
James
My wife and I are actively looking for rehabs, and I would also like to get into buying construction liens.
Should I go to a CPA now and find out what is involved (locally/statewise) by incorporating now, or wait til I have some experience?
As a side issue, we’d like to open a business checking account, mostly so that we could have a business name on our checks to look more professional (or does that sound dumb?). Would it be advisable to do this without incorporating? Do we have to have the “inc.” after our business name (on the checks or letterheads) if we decide to incorporate later?
Re: Incorporate now or later? - Posted by Garrett Sutton
Posted by Garrett Sutton on September 05, 2006 at 17:18:51:
First, you are not going in incorporate to hold real estate in almost all cases. For your business checking and all you will use the term “llc” or ‘lp’ to give notice of a limited liability entity. To do that you must form the entity first. Good luck, Garrett