Setting a business up question - Posted by Steven-Utah

import · March 27, 2007, 5:23am

Posted by Jimmy on March 28, 2007 at 07:18:01:

if you are just starting off, forget about creating entities. don’t complicate your life until there is a good reason to do so. once you have a couple deals under your belt, and you know you ae in REI for the long haul, then consult with local counsel and determine the optimal arrangement in Utah (or wherever you do biz).

one more thing: don’t take generic advice about entities. every state is different.

import · March 27, 2007, 5:23am

Setting a business up question - Posted by Steven-Utah

Posted by Steven-Utah on March 27, 2007 at 05:23:29:

I have yet to set up a corporation…Is it easier to do it through the internet, or go with a local Attorney? (Planning on a LLC. for Rehabs. Local Attorneys are $125 to $400 per hour here.

Any other ideas?

Thanks for the info
Steven-Utah

import · March 27, 2007, 1:59pm

Re: Setting a business up question - Posted by jeff

Posted by jeff on March 27, 2007 at 13:59:43:

im guessing your starting out over your head. your business idea sounds fine, but when you try to do your financing and things through your entity that is newly created your gonna have issues.

im guessing youll start the entity, have issues getting things accomplished then decide to just do the deals in your own name. the entity is great for creative deals, but on conventional types, youll have a harder time getting things accomplished.

import · March 27, 2007, 9:19am

Re: Setting a business up question - Posted by Elwin

Posted by Elwin on March 27, 2007 at 09:19:06:

The attorney would be the best bet, don’t worry about paying for him/her if they are good at what they do. If you do it over the internet you are pretty much stuck with your choices, at least if you go to an attorney you could work out all the legal details of your new entity. The attorney can help you structure your assets in a way that almost zeros out your personal liability. So as long as they are good (references, Interview them)and you are a fit they would be better than an online agencey.

Elwin

import · March 27, 2007, 6:36am

Why? - Posted by Jimmy

Posted by Jimmy on March 27, 2007 at 06:36:33:

Why do you think you need an entity? Are you just starting off? What activities would you conduct through the entity?

you may not need anything at this point. or maybe an LLC. or maybe an S Corp. or maybe a limited partnership with an LLC as General Partner.

the answer differs from situation to situation, and from state to state.

a little time with a business atty or an experienced tax accountant would be worth the bill.

import · March 28, 2007, 4:47am

Re: Setting a business up question - Posted by Steven-Utah

Posted by Steven-Utah on March 28, 2007 at 04:47:30:

Thanks for the reply. I am going to setup some business lines of credit through seasoned trade lines, but I need to setup the business first.

And I have done rehabs before, just for someone else.

But it is fun… at least for me.

Steven-Utah

import · March 27, 2007, 9:57am

Re: Setting a business up question - Posted by Steven-Utah

Posted by Steven-Utah on March 27, 2007 at 09:57:54:

Thanks for the reply, anyone have a reference to a good attorney in Utah, in the Provo/Orem area?

Steven-Utah

import · March 27, 2007, 10:40am

Re: Why? - Posted by Steven-Utah

Posted by Steven-Utah on March 27, 2007 at 10:40:42:

Yes i am just starting out.

The purpose would be: To renovate, build, and develop; residential, commercial and land.

So I would set it up as a LLC

But I do thank you for the info

Steven-Utah