Lish Properties, LLC

June 11, 2008 · 4 comments

A couple weeks back, I hired a law firm here in Atlanta to handle the incorporation (actually, organizing the LLCs) of both my real estate company and my fiancee’s communications company. The firm was tremendously professional and had the filings completed within a week. We just received our official notices of LLC organization, our boiler-plate operating agreements, and the rest of the business documentation.

The next steps are to apply for a Federal Employer Identification Number (EIN), which I just noticed can now be done completely online (and they give you your number immediately). I plan to take care of that today, and once I have our EINs, I will open bank accounts, and start opening credit lines with local businesses in order to start building credit for the businesses. I also need to file the proper IRS election form(s) to have the company taxed as an S-Corp.

And, of course, I registered most permutations of the name Lish Properties and Lish Communications, and created templates for the websites.

Time to set up another discussion with our CPA to figure out all the other things I’m forgetting…

🙂






4 responses to “Lish Properties, LLC”

  1. zulf says:

    Hi
    I’m a prospective first time SFH buyer, and because of fair ( but not good credit) need NACA loan.Other than that financially stable ( no foreclosures, no debt, good income ) and trying to get a property which is well within my means. I’m in the Chicago area, do you have any contacts with agents who work in the Chicago area ? appreciate your time & help

  2. J Scott says:

    Hi zulf,

    No, I don’t have any contacts with NACA agents in the Chicago area, but if you visit a local NACA office, they should be able to give you a list of their agents. That said, if you go through the program, you may be assigned an agent of their choice (not sure if they offer agent choice to the buyers these days).

  3. Bethany Skorich says:

    At what point in your flipping business did you set up your LLC? we’re just getting started & trying to decide if we need to form an LLC before proceeding/purchasing a property. TIA!

  4. J Scott says:

    Hi Bethany –

    We set up our LLC right before our first purchase. That said, I know a lot of people who do the first one in their personal name. There are some legal and accounting issues with doing it in your personal name, but I do know a lot of people who have done that. If you have a lot of personal assets to protect, then definitely consult with an attorney before holding a property in your name.

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