If I am buying rental property in Florida, should I set up an LLC?   I’ve done it both ways. I own property in no name and own it in corporations. It’s a complex equation, has to do how much property you’re doing, what kind of property it is, what kind of liabilities are out there, are you covering adequate insurance. Certainly if you have some assets to […]

How much does it cost to set up an LLC in Florida?

  That’s a hard question because it just depends on how involved the LLC is going to be. Simply filing a form with the state, you might be able to do it for $300-$500. If you want to get an attorney involved, it depends on how many people you have and how many moving parts […]

What are the disadvantages to setting up an LLC in Florida?

  Well, the disadvantages mainly have to do with cost and expense. It could be that you’re going to have to get a separate bank account, you’re going to have to file a report with the state every year, which means you’re going to have to file a fee with the state every year. Although […]

What are the advantages to setting up an LLC in Florida?

  First of all, setting up an LLC is going to give you legal protection from stuff that happens. It’s a liability issue. In other words, if you’re running as a sole proprietorship and something happens, then you can sue. They can come after your car, they can come after your house. You’re getting legal […]

Do I need an attorney to set up an LLC in Florida?

  You don’t need one but I don’t know why you wouldn’t want one. I know, I’ve talked to several clients that have come in because accountants set them up all the time. I mean, they just give you a basic form but there are lot of decisions that go into setting up a corporation. […]

What does it mean to have an S Corp?

  An S-Corp is a designation put up by the Internal Revenue Service. Basically, you can meet requirements and fill some forms with them, and then what happens is it effects how your limited liability company or other company is taxed. Typically, what it means is you’re not going to have the double-taxation issue. It […]

What does it mean to have a limited liability company, or an LLC?

  A limited liability company is probably the most common form of business in the state of Florida. It’s a basic corporation. You do have certain requirements, but they’re minimal as opposed to some of the more complex stuff that may be involved with the traditional corporation. It affords you legal protection. In other words, […]

What does it mean to have a general partnership?

  A general partnership is typically an agreement between two or more people and it usually means that any one of the partners, whether it be two or three, can bind any of the other ones on this particular venture. In other words, you might set up a general partnership to build a house, or […]

What does it mean to have a sole proprietorship?

  A sole proprietorship is simply a way of doing business. There’s no legal protection. It just means that I’m going to go out and start a business. It might be in my name. I might use a fake name or fictitious name. Basically, it’s just, I am running a business as myself and that’s […]

Can I bid on my own house at foreclosure?

  There is nothing that prohibits you from doing this, as long as you are otherwise qualified to bid on your own house. Now, you still have to go down to the clerk’s office. You still have to show you’ve got the money and prove to them you have the money to make the bids […]