View Full Version : Setting up an LLC



Celebrator
02-15-2016, 08:18 AM
Am wanting to set up an LLC for an investment property. What is the best and/or easiest way to get one established? Local or on-line? Would love any helpful hints or experiences. Thanks.

Richard at Remax
02-15-2016, 09:26 AM
I started one for my investment properties companies last year. Its pretty easy. Just fill out this form and send in $100 and they will send you an email when its finalized.

https://www.sos.ok.gov/forms/FM0074.PDF

But before you fill it out search here first to make sure the name isn't taken https://www.sos.ok.gov/corp/corpinquiryfind.aspx

mkjeeves
02-15-2016, 09:27 AM
You do it and the Oklahoma Secretary of State's office. https://www.sos.ok.gov/forms/fm0074.pdf

Celebrator
02-15-2016, 11:52 AM
It's seriously that easy? I looked it up. I sure thought it would be a lot bigger deal than that. What a value for the protection it affords!

Uptowner
02-15-2016, 03:23 PM
It's very easy to register. To structure it is different. 1st and LLC is a partnership and needs at least two members and shares. If your are not a partnership I suggest an S-Corp. but there are different tax structures.

I also suggest hiring a business attorney to prepare articles of organization and familiarize you with a checklist of annual articles and filings. It's not expensive. Neither is a CPA to do a simple tax filing on a rental property.

CCOKC
02-15-2016, 05:11 PM
Uptowner is correct. I don't know how many people we get in our office who set up their own LLC (which is extremely easy) but do not understand the tax ramifications. Please for the love of God do not skimp when it comes to going into business. Get good PROFESSIONAL advice. We do set most of our new businesses up as S-Corps but I totally do not suggest you do this alone and it is not the right answer for everyone. A good CPA or tax attorney can save your bacon in the long run.

Urbanized
02-16-2016, 10:57 AM
^^^^^^^^^
Agree with both posts. Business agreement is incredibly important, for instance, and the last place on which you want to cheap out. Partnerships and corporations all work great until they don't and THAT is when all parties need protections afforded by good legal representation on the front end. It can save a lot of legal fees on the back end.

I'm sure that I could find a YouTube video showing me how to fix the brakes on my car, but I'm still going to pay a professional mechanic to do it.

Uptowner
02-16-2016, 01:45 PM
Pshh! Brakes are easy. Leases are hard ;)

catch22
02-21-2016, 10:45 AM
Pshh! Brakes are easy. Leases are hard ;)

Yep!