Discussion:Form LLC with fiance/wife to manage 2-Duplexes in AK

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Discussion Forum Index --> Consumer Questions --> Form LLC with fiance/wife to manage 2-Duplexes in AK


Double Shot (talk|edits) said:

5 October 2006
Thought I would look for some online advice before seeing a lawyer/attorney (but still plan to).

In the past 1-1/2 I have bought two duplexes in Alaska with my girlfriend (now fiance), but they are under my name and bought with my funds. We have together fixed them up and are now are all rented. She has been the brains behind a lot/most of it, so we consider ourselves equal in rights, but not legally yet. Also, we moved to Montana just last week and I may still be employeed with a company in AK (we'll see)

We know we want to set up an LLC to manage the props for tax and legal purposes, but don't know the right path considering our soon to be marriage. Do we get married first then form the LLC? or does it matter? We have a file set up at legalzoom.com to form our LLC and be our agent in AK since we live in Montana now (haven't ordered it yet). It asks what the monitary contributions were and how we split it. I have the monitary blank for now and have us split 50-50 ownership.

What is the smartest course of action for us? Considering taxes, ownership of properties, LLC forming, legalities and the such? Then once the LLC is formed, what do we do with it? Quitclaim the properties from my name into the LLC's name, form a separate bank account, etc?

We don't want to be stupid and want to know all the tricks of the trade to set us up for the most benefit. We want to learn the right way to do it and be smart.

Thanks!

Jdugancpa (talk|edits) said:

5 October 2006
"We don't want to be stupid and want to know all the tricks of the trade to set us up for the most benefit. We want to learn the right way to do it and be smart. "


Then you should probably consult a tax professional rather than trying to learn all the "tricks of the trade" in an online forum.

Bradcpa (talk|edits) said:

5 October 2006
I'm with Jdugan. This may be one of those areas where the advice you'll get is worth what you pay for it. Anyone here with the time to answer all your questions either doesn't have enough clients of their own to keep them busy or needs a hobby in a bad way.

Double Shot (talk|edits) said:

5 October 2006
thanks. i had planned on seeing a professional, Jdugancpa. i wrote this to learn from someone in this forum. that's what this is all about, right?

Double Shot (talk|edits) said:

5 October 2006
thanks, bradcpa. i guess my discussion piece was too much for this forum. i understand that free advice.... is just that and nothing more.

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