Dallas-Fort Worth Real Estate Investor Club

LLC Creation

  • 25 Mar 2024 3:23 PM
    Message # 13334509

     Any recommendation on how to go about this? LLCs can be created online but are there any advantages of going to a local lawyer. If so, I would appreciate any local recommendations. 

    Thanks in advance. 

  • 26 Mar 2024 1:12 AM
    Reply # 13334720 on 13334509
    Robin Carriger (Administrator)

    Hey Derrick,

    The primary advantage is the robustness, or lack thereof, of the Company Agreement (CA) associated with the LLC.  If you don't have a CA created/customized for you, you'll get the default CA which is somewhat less than desirable.



  • 26 Mar 2024 9:57 AM
    Reply # 13334859 on 13334509

    I think in addition to what Robin stated above this might fall into the question of "What are you trying to accomplish?".  Can you give us more information on what you are hoping to accomplish here?

    If your answer is "I need to create liability and asset protection"....then JUST creating a LLC wont' do that.  And to be clear, JUST going to an attorney to create an LLC won't do that either.  If you ONLY created an LLC and didn't do the other 15 things that go with creating separation, then it's pointless to even create an LLC for that reason.  

    Now, if your answer was "I need to create one because I'm trying to open a business bank account"...then you don't need an attorney to create your LLC.  You can go do it yourself.  You could still use one of course, but it's not necessary.

    If you could throw us what you were hoping to accomplish that might help a little better.

  • 01 Apr 2024 8:27 PM
    Reply # 13337558 on 13334509

    Thanks Robin and Andrew.

    I was posing the question from a liability and asset protection point of view. 

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