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Hi everyone! Let me give some background of what I am trying to do. I plan on buying into the real estate of a multi partner practice in Texas. We have two buildings that I am buying around 25% ownership in. Our practice is taxed as a "pass through S corp" and the other docs have their share of the real estate in the own individual LLC's so I was told it would be best to form my own LLC. I plan to form the LLC on my own (lawyers fees ranged from 1K-2K). I have a few questions filing out the paperwork that I would greatly appreciate your collective wisdom on:
1. It seems like people form LLC for investment properties they own outright, does the same pros/cons go with an LLC of percentage owned commercial real estate?
2. I plan on naming myself as the agent and not using a outside agency. Also will use my home address for the agency address. Any problems with those issues?
3. Any pros/cons of putting my wife and I has co-managers? Do we both have to sign in order to change anything? Is there a way were we both can be as named on the LLC but I do all the managing alone? If so, how? It only asks for a registered agent and then name of governing bodies so I don't know how to put her on the LLC and make me the manager
4. I was told that if there is more than one person on the LLC that you have to do an EIN. Is that true? Even in my situation of real estate for the practice?
5. I also was told operating agreement matters and other people have said don't worry about it. Which is true? How detailed do you have to be?
6. Is there any yearly fees to maintain an LLC in Texas?
I know its a lot of questions, thank you for your help in advance.
1. It seems like people form LLC for investment properties they own outright, does the same pros/cons go with an LLC of percentage owned commercial real estate?
2. I plan on naming myself as the agent and not using a outside agency. Also will use my home address for the agency address. Any problems with those issues?
3. Any pros/cons of putting my wife and I has co-managers? Do we both have to sign in order to change anything? Is there a way were we both can be as named on the LLC but I do all the managing alone? If so, how? It only asks for a registered agent and then name of governing bodies so I don't know how to put her on the LLC and make me the manager
4. I was told that if there is more than one person on the LLC that you have to do an EIN. Is that true? Even in my situation of real estate for the practice?
5. I also was told operating agreement matters and other people have said don't worry about it. Which is true? How detailed do you have to be?
6. Is there any yearly fees to maintain an LLC in Texas?
I know its a lot of questions, thank you for your help in advance.
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