How to Name Your LLC (What to Consider for Your Real Estate Limited Liability Company)
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- เผยแพร่เมื่อ 29 ก.ย. 2024
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If you're setting up a limited liability company, coming up with the name is something that seems to trip a lot of people up.
I can't tell you how many times I've been on the phone with someone and I say, "hey I need a name or two for your limited liability company." And it's just silence.
Naming your LLC names are not that important, but there are a few things to consider naming it.
When it comes to setting up your LLC and it's not a business per se, that is associated with you, do not use your name. That is the number one mistake that I see people make.
Watch this video as I break down what to consider when naming your limited liability company.
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#assetprotection #llcs
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Best training on LLC's I've ever come across. Thank you
Wow, thanks!
Great video!! I do have a question though. I understand the point of creating a LLC to protect personal assets and investments. But I just need clarification on one thing. Owning an LLC that owns a property is entirely different from owning a property? Like, if someone was to come after my assets, they wouldn't have access to all the LLC's I own?
A creditor could not take your LLC if you have set it up in a state with strong charging order protections.
Thank you my friend @@ClintCoons
What if you sell the property through a 1031 exchange? Would you simply change the name of the LLC to match the new property’s address? For LLCs that own more than one property?
I have a few videos on 1031's if you search my channel. I prefer to set up a new disregarded LLC owned 100% of the relinquishing LLC.
Should you create an LLC for each property that you own? Or is it okay to have multiple properties owned by one LLC?
Best to have one property per LLC until your portfolio reaches 15 properties then you can take on more risk.
Would having the word "Holdings" for the WY holding LLC be a no-no? Only thing I can think of is that seeing the name holdings on the LLC members may mean they go digging for the other LLC it holds. Is that a fair assessment or would it be no problem to name it, for example, "JYG Holdings LLC"?
Yes but if a person is going to dig the name will appear on multiple LLCs. The only way around it would be to use separate property trusts for each LLC into the holding LLC.
So may be best to avoid using the word "holding" in the name.
Quick question...
If you close under your name and have yet to file the LLC...wouldn't your name be associated with the property on the deed with the county records? How can you prevent that? Suggestions anybody?
I am closing in 6 weeks on a residential property ...and desire to do a Wyoming LLC? Plz...help...I s there time to set up an LLC? Process with the title company?
Are you using financing to purchase the property?
@@ClintCoons no. I am doing a cash sale
@@sealseba8762 If you want anonymity then consider using a WY LLC to hold the instate LLC that will close on the property. For example, if you were purchasing a property in WA state then the WA LLC would be member-managed by a WY LLC for anonymity.
@@ClintCoons thank you. How can I set up a consult. I would like your firm to evaluate and set up.
@@sealseba8762 If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
But but Toby said to write the Street of the Property as the Land Trust name, not the LLC name. The LLC is the trustee. 2. You only have 15 days to request an EIN # for the Registered LLC, especially if chosen to be an S Corp. Why didnt you teach us that?
There are more than one way to set up a structure.
hey clint, i have a video request.....how does trump protect his biznesses if he's got the word "trump" everywhere??? thx
Lol" why the hell would you do that" I love it.
I might of have misses something here, but it sounded like you said you can rename or change the LLC name after closing. When you close on the property, if you are putting it in your name at closing instead of the LLC name, would you not be exposed at that point when someone looks up the property record? Or are you suggesting transferring your name to the newly created LLC name which involves a quit claim deed later?
You can rename your entity after closing but you will have to update the deed. In some instances it may be better to change the name after your money has gone hard.
@@ClintCoons hard meaning, all is signed sealed and delivered lol correct?
I’m so glad I found your channel thank you for this content
Welcome! Thanks for the visit
Great Video, what about if you have more than 1 property in the same state with 2 different addresses? Should you create a separate LLC for each property using the addresses or put them in 1 unique named LLC for that state? Thanks!
Separate LLCs and use the same address for both.
Do you have any Utah offices or associates or just Wyoming, Nevada and Washington?
Yes in Salt Lake.
I named my LLC "Hunter Biden's Laptop Inc."
Hah
My 4th video. So much more to learn than I realized. Thanks Clint
Great to hear!
Wouldn’t someone be able to easily find you if you were on a deed and associate you to a property if you named an LLC after said property assuming you bought it in your personal name? Doesn’t that defeat the anonymity you are trying to achieve?
Yes you are in the chain of title and one might assume you are connected to the LLC that currently holds title to the property.
IN LOUISIANA IS AN LLC STILL IN EFFECT IF YOU DON'T FILE ARTICLES OF ORGANIZATION FOR 3 YEARS IN A ROW
It was probably administratively dissolved.
I've looked on the website do I just call the 888 number. Only have 2 properties in Louisiana, mortgaged titled to me, talked to bank about switching title. I'd like to set up anonymity. Looking for a email.
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I really did think of the address naming schema for my LLCs before this video. This video just confirmed my idea!
Andrew Stringfield
Thanks for watching.
You forgot about the guy with the frog fetish
😂😂
What if I am investing in different properties to re-sale these for a profit. For example; Can I use the Land Realtor Pro LLC or will "Realtor" put me into trouble f I am NOT a Realtor? In other words, Can I "Realtor" on my LLC? 🕵
I do not understand the question. If it is can you sell your own property out of an LLC the answer is yes. What are you looking to accomplish with your proposed strategy?
@@ClintCoons i am sorry, but my question was; can i create an LLC with the word Realtor. Example of what i have in mind is "Land Realtor Pro LLC"? I am struggling to come up with the name. Should i avoid "Realtor" to prevent any problem down the Road? Just don't know. But i like that name for my real estate business...!
@@landpro1 I would avoid using realtor. Unless you are a licensed broker it could create problems for you down the road.
@@ClintCoons thank you, Apreciate
Hey Clint I am taking your advice on starting a entity and was wondering if I could email you a few questions and ideas I had. Hopefully you can point me in the right direction
If you would like a FREE 30-minute consultation, you can request one here
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@@ClintCoons thanks absolutely I really appreciate it.
Are you subliminally saying, to get one LLC per property?
No, They make no bones about it. You should put every property in its own LLC.
Or use a series LLC if you’re in a lucky state
That’s what I’m wondering
@@Eric_In_SF one lovely accounting nightmare 🙄
Have you done a video on if you should setup a WY Close LLC vs a regular WY LLC?
This topic is covered throughout many of the videos. Here is one: th-cam.com/video/XdSp5GXbiE4/w-d-xo.html
..BUT NOT the FULL ADDRESS in naming the home LLC, I would imagine.?..... that might lead the creditor DIRECTLY to your home full address, destroying your anonymity, I would imagine.
Correct - never use your personal address.
I’m a little confused. What if I’m wanting to invest in multiple properties in the same area? Why name it after a single property? Why not just have a general name for all my investment properties?
To keep the LLCs straight and what they hold. I used to use the generic route like you described and it became a mess for me when trying to remember which LLC holds which property.
I agree, if I’m investing in multiple properties under the same LLC, then I don’t have to remember which LLC holds which property because I only have one! What’s the point in having multiple LLC’s for the same exact business type?
@@heatherhg Asset protection. If you place all of your properties in one LLC and a lawsuit develops against the LLC then everything held in the LLC is at risk.
@@ClintCoons yep especially silly if u have 1 out 5 props in the 1 llc and the 1 prop is significantly more valuable than the others. If u get a judgement against the least most valuable prop then all props including that very valuable one is at risk also. Is that right clint? I'm learning from all ur content ;)
@@AdrianButler86 That is correct.
Hi are these strategies also applicable to set up in other nearby countries, like Canada?
Just like you set up a wyoming LLC but live in ,say, Texas, is it possible to do it in a similar way in Canada?
I do not know.
Wouldn't the Evergreen 1,2,3, or 4 tactic be more appealing for getting different vehicles registered/ insured as company cars? And not particularly for Real Estate?
That could work but it might increase your insurance cost with the different entities.
I saw a video that was extremely similar to this one made by "The Business Guy" on youtube. Seemed like he took heavy inspiration from this one.
I am glad I can be of inspiration to others.
Love the fact you write stuff on all your videos for us visual learners !
I appreciate that!
in your "naming a trust" vid, you say to name the trust and llc the numbers of the address. during a search for assets wouldnt that be the first thing an attorney recognizes, the address? ie 1515 trust? tenants living at the same 1515 address?? for ease and to not confuse this would work 100%, for anonymity sake im questioning this
Yes but remember the trust does not provide asset protection and the attorney will eventually discover the LLC.
Is it a good idea to get a DBA for the LLC?
In some situations the answer is Yes.
@@ClintCoons You're the best!!!
I heard it's not good to use the word properties & investments when naming your business because lenders Don't like to lend money to real estate investors.... Is this True???
That is generally true for flipping and wholesaling but not necessarily for long term investing entities.
@@ClintCoons if I am creating a flipping/wholesaling company what verbage would be best for the name?
@@hunterevans2293 Something that indicates the business of the company. If you don't like it after you set it up you can always operate under a DBA.
@@ClintCoons ok thank you! If I plan to use this company for things like investing plus real estate could I do something generic like “abc group”
@@hunterevans2293 Yes
What's the best way to find the correct person to set up my llc?
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Liars own estates
There is a famous quarter back that called his LLC after his dog :)
Yes but how does this affect you if you are doing a 1031 exchange as most are? If you own a large property under a S Corp and then sell and buy two other properties. You want to set up two LLCs that are owned by the S Corp in order to defer taxes?
Yes you can close this way with a 1031 provided the downleg entity owns 100% of the upleg LLC.
Can my brand be different than my LLC name?
Yes it can
Thanks for the video..... are you saying that it makes sense to have seperate LLCs for each property rather than having them all under one?
That is correct to a point then I feel comfortable grouping assets.
Trying to find Clint Coons video that says must do some federal registration or huge penalty or jail
Here you go: th-cam.com/video/nvlFJ2YqjhA/w-d-xo.html
My property and lot are already in my personal name No llc yet still researching how this should work can I change it?
If you would like a FREE 30-minute consultation, you can request one here
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Mr. Clint..when transferring personal property to a land trust by way of an assignment, does the assignment have to be notorized and recorded in the County courthouse?
Notarizing is a good idea to prove when it was executed but it does not need to be recorded.
Can u get a bank account and a loan with an LLC anonanimity memebers.
Yes but you need to disclose all of the LLC documents
if purchase under individual name, would it be better to set up LLC after the offer is accepted as closing takes some time. In this way, there is no need to change the name of LLC?
Yes that could work.
You're amazing someone in comments of another video recommended you. You're a gold mine of knowledge
Thanks
Is it OK to do a series LLC if you have multiple properties or is it best to make an LLC for each separate property real estate
If the state where the properties are located recognizes the Series then I would use it.
Should you name your LLC after the name of an Airbnb?
You can and it helps keep the LLCs straight.
Is this the same for short term rentals? If the property is in TX would it still be ideal to start with the Wyoming LLC for the air BnB LLC?
Yes, the type of activity will not change the strategy.
If you have already closed on the property can you still put it in a LLC ? Or do you have to refinance in order to do so?
No you can move it into an LLC but I recommended you set up a strategy session with my office to discuss your options. Depending on the state you may want to use a land trust or WST. See the show notes for a link to the strategy session.
Thank you, great advice.
Very helpful. Thanks for posting!
Glad it was helpful!
Very helpful. Thank you!
Glad it was helpful!
👍👍👍👍👍
Are you saying don't have multiple properties in one LLC? I am confused. How many properties should I have per LLC?
Correct. It is best to keep it to one property per LLC
@@ClintCoons thanks for the answer. Wouldn’t the costs of maintaining each property go through the roof?
@@djackson9558 Depends on the state fees. Typically the annual fee for an LLC is under $250.
@@ClintCoons Got ya, thanks. I have another question that I have put on other videos of yours because I am desperately seeking sound advice that I can't seem to find. I have a question about naming my LLC. I used my initials as my WY holding company name before watching your video on “naming your LLC.” The company I created the LLC assured me that a lot of people use their initials for their holding company, but I wish I went with a random name. I’m not sure what my next step should be. Should I close the WY holding LLC and pay the money ($429) to open another Holding LLC in WY. The company I chose to help me with this process seems annoyed with me and they assure me that I still have anonymity even with my initials, is this true? The lady I spoke to said plenty of people have used the same name on their companies so I "should not be worried about anything." Any advice would be amazing, thanks!
@@djackson9558 Using your initials does not necessarily blow your anonymity. For example, my initials are CC, and if I set up CC LLC, it would be near impossible to draw an inference unless someone suspected I was part of the overall structure. Thus, if you are using it as a holding company for other LLCs and want to build anonymity, you might want to consider starting over. On the other hand, if you are using it as a stand-alone entity to protect cash and savings, then I don't necessarily think a change is necessary.
Excellent!! Thanks!!
You're welcome!
Good stuff 😃
Thanks for the visit
The funny thing is Progress Residential and American Homes 4 Rent break all these rules on the single family homes they’ve bought. Plus they put their company address on every property they buy near me.
Thank you so much for your guide!
Glad it was helpful!
I was really looking these to this video BUT I didn't hear how TO name it, I just heard how NOT to name it...
4:38 seems pretty clear to me.
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Are you saying that every property has their own LLC? Let's say I live in Ohio and I have five properties in that state. I cannot put all five properties under one LLC?
You could but it is not recommended.