702-430-7900

Avoid Partnerships and Use an LLC

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PARTNERSHIPS

DO NOT DO THIS. Here are 4 reasons why you do not want to get into a partnership.

  1. These are easy to get into and nearly impossible to get out of. The reason why these are nearly impossible to get out of is because it is rare that you have 2 or more people who can agree on WHEN the property gets sold and for HOW much it will be sold for. Because of this, the property rarely gets sold.  Unless you are a vampire, you are going to eventually get sick and/or die. At that most vulnerable moment, the other partners may not be in a position to buy you out when you or your family needs it most. No amount of trust or written documents will fix that.  
  2. WHEN things go bad like a new AC unit or roof needs to be replaced, all the partners may not be in a position to cough up money for repairs. If there are not sufficient resources to repair major items, tenants move out. When tenants move out, tweakers move in. When tweakers move in, the place gets burned to the ground. This property is a classic example of a partnership. It is currently boarded up and it’s only a matter of time before it burns to the ground. 
  3. We will not manage your property. We simply don’t have time to explain to 3 partners every maintenance issue. We have been there, done that and just won’t do it again.
  4. There is a more effective way of accomplishing the same task.
  • The other partners simply become lenders with set investment amounts and pre-determined rates of return.
  • The loans have an end date and the property becomes collateral for the loan.
  • One person makes the decisions on repairs, when it will get sold and how the silent partners are paid off.
  • It’s ok to have profit sharing at the sale as long as the terms are clearly defined.

 

green check 100WE CAN HELP YOU SET UP AN LLC

What is the cost of creating an LLC include?

State Filing Fee: $425
Wendi’s Time: $300
Total setup cost: $725 (credit cards and direct checking available)
$350 – Annual State Renewal Filing Fee

info blue 100Can I have an LLC as a foreigner?

Yes. However, you will have to have documents notarized by a US Embassy.

info blue 100Can Limestone Investments be the registered agent?

Yes. We charge $100 / year + your annual filing fee which is $350

info blue 100What is the benefit of choosing Limestone Investments as the registered agent?

Speed. If any correspondence is sent in reference to your LLC, we will scan the documents and send them to you directly. Usually this is just an annual reminder to pay the state of Nevada.

info blue 100What does an LLC complete filing look like?

Sample EIN (Necessary for us to provide “Full Service” property management)
Sample Articles of Incorporation & Business License
Sample List of Managers & Charter

info blue 100Can I stop using you as my registered agent at any time?

Of Course. We never hold clients hostage for anything.

info blue 100How do I start?

Contact our Agent
Wendi – (702) 619-6215 / [email protected]