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Business Entity Setup will Vary by Attorney, it should look something like this
Business Planning PROVIDED BY RICK DAVIS
There is a lot of misinformation in the
recommend it — with that being said,
have detailed conversations about how
real estate investor community about
that elaborate of an entity structure may
to structure the business to ensure
the entities that you should use. Many
not be necessary for a retired couple
accountability of all involved and to
companies promote the alleged value
living on social security and income
address situations such as how to
of Nevada or Wyoming LLCs because
from their rentals or an eighteen year
proceed on an issue when there is a tie,
of asset protection or anonymity. What
old with no assets who is working on
or when one of the members dies.
they don’t tell you is that Kansas has
purchasing his first property. Business Planning Process
the same charging lien protections as Wyoming and there is no such thing as
The bottom line is that your entity
true anonymity when it comes to entity
structure needs to be right for you, and
Because of all involved, our business
formation. If someone really wants to
that is why we developed a detailed
planning process can take 1-2 weeks
sue you, they will figure out who the
process that helps to evaluate your risk
and is not intended for someone that is
owners are — trust me because as a
tolerance, organizational skills,
simply looking to form a quick LLC. If
lawyer I do it.
investment strategy and future plans,
that is something you are looking for, I
and assets you risk losing. Once we
would recommend going to the Kansas
More important than this, however, is
have reviewed that information, we will
or Missouri Secretary of State’s website
that anyone who tries to sell you on a
present a plan to you that we think is
as it can be done with a short web form
one-sized fits all entity structure is not
best, but that plan will include options
and will be formed in a few minutes. On
looking out for your interests. For
and ultimately you will decide what
the other hand, if you are looking for
example, I am aware of an attorney
plan is best for you after learning the
detailed planning to protect you, your
down in Texas who promotes a
pros and cons of each option.
assets, and your business partners, I
structure with series LLCs and Land
Moreover, if your business model
welcome you to get started by
Trusts. I am not saying this isn’t a good
includes partners or other investors
completing our entity formation intake
structure — and in fact at times I would
who you work with on projects, we will
form online. The form should take
