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Easiest and cheapest way to get an LLC or Inc.

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  #1  
Old 02-13-08, 03:32 PM
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Join Date: May 2007
Location: Wisconsin
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Easiest and cheapest way to get an LLC or Inc.

Own rental propetrties in partnership. Currently have neither LLC or Inc. Really should have so no creditor, IRS, or medical misfortune can take away rental property and only go after personal holdings.

I see an awful lot of people these days have opted for an LLC. Is that better than an Inc.? Cheaper?, less hassle?, accomplishes same goal?

Can you get one thru the web somewhere's cheaply without having to sit in lawyer's office for an hour listening to all the options, and then get a whopping bill?
 
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  #2  
Old 02-13-08, 08:54 PM
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Join Date: Apr 2002
Location: NW Arkansas
Posts: 570
It may depend on your state. In AR, I did mine with a kit from office depot and sent it with a $50 check to the secretary of state. That was on my accountants advice.

As far as the LLC; or S or C corp; I'm not sure. I think there are tax differences, not so much about the legal protection differences. Maybe one of the experts can tell us more about the differences.

You may want to have the properties under seperate corp to further protect your assets. Of course this means additional tax filings, but may be worth it. It also gives you the opportunity to partner with others or have sole property.
 
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