LLC ??? - Posted by mike

import · June 13, 2006, 5:29pm

Posted by John Merchant on July 05, 2006 at 13:49:59:

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import · June 13, 2006, 5:29pm

Posted by mike on June 13, 2006 at 17:29:22:

I recently started an LLC for investment properties in Mo. and have a few ???. I have a mobile home in Al that I rent and a single family home in MO. that I rent also. How do I transfer them to the business, and do I need a business license for Mo. and Al? Finally, I want to buy more rental properties and was wondering where do I go to establish a line of credit, is business credit cards good?

Thanks

import · June 16, 2006, 6:58pm

Re: LLC ??? - Posted by John Merchant

Posted by John Merchant on June 16, 2006 at 18:58:23:

Rentals ARE “doing business” in every state, and as such, your DE (et al) LLC would be required to register with AL & MO Sec of State’s Corp Divisions.

BUT, merely buying, fixing and flipping are NOT considered DB in any state so far as I’ve been able to determine.

Bus. lic. law in AL and MO probably follow the basic DB law and ARE DB so you’d probably need to register that LLC in both states, or start new ones in those states…and correspondingly, likely both states would want you to get bus. lic.

Go online and find AL & MO Business license law and regs and you can quickly see, or else find out from those states’ Sec of State offices about bus. lic. in both.

Only way to convey properties into an LLC is Deeds on each property.

import · July 5, 2006, 10:23am

Re: LLC ??? - Posted by Kim

Posted by Kim on July 05, 2006 at 10:23:17:

I will be seeing my attorney today to develop/set up an LLC for 2 properties we own in FL. I want both deeds transfered to the LLC. John, do you know how complicated it will be for us to change the deed names from our names to the LLC name? Should the house we live in and all personal assets also be included in the LLC?