LLC help

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Permalink Reply by Nick Tang on February 6, 2012 at 10:55pm

1. The umbrella can be made at anytime as long as you understand it cost you an additional x dollars to file papers with the state to do llc member changes.  Along with those changes, you would also had to change your property insurance policey to add your umbrella company as an additional insurer once it is created.

2. To what I am aware of, in the state of NY, holding properties under an llc could be a bad idea.  The reason for it is because once you form an llc, you also have to run a newspaper ad with a major paper for a week to make it an official company.  I heard the advertising cost could run as much as 2+k.  Imagine spending that for every llc you create.

Best thing to do is talk to an attorney that specializes in creating llc's for holding properties in ny.  If you don't get anywhere with it, you may also want to consider looking into holding the properties under a trust.

3. Yes, each property has their own bank account with tax id's and everything.  I am not familar with series llc to help.

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