How to Set up an LLC for Real Estate Investors
Aside from the tangible benefits that come with forming an LLC, the simple process of setting one up makes this decision appealing to most investors. Here are the steps to setting up a real estate investment LLC:
File articles of incorporation with the state in which you will purchase investment property
Keep the LLC in good standing by having a Registered Agent in each state where you form an LLC
Pay the appropriate business formation fees — these vary by state, but are typically minimal compared to the benefits of forming your LLC
In addition, whenever you form a new LLC, it’s a good idea to find and compare your options for business liability insurance that will protect your investments.
As you complete the startup phases of your real estate investment business, keep in mind that you also need to keep your personal and business financial activities separate. This includes maintaining a separate business bank account, as well as using credit cards and loans that are in the company’s name (not yours). By not co-mingling your personal and real estate finances, you’ll add an extra layer of protection between your investments and personal property in the event a tenant sues you.
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