How Do I Convert My Sole Proprietorship into an LLC?
Video Summary
How do I convert my sole proprietorship into an LLC? Well, the first thing you need to do is contact the Secretary of State or your attorney and have them organize or set up an LLC with the Secretary of State. Once that’s been established, well, then you simply title your assets into the name of the LLC and open up a bank account under the LLC for which you’ll need to obtain a federal identification number. You should also consult with an attorney about signing an operating agreement, which will indicate who the owner of the LLC is. And if it’s a single member LLC, he’ll explain to you that the LLC assets may be subject to your creditor’s claims if you have a judgment against you. It’s recommended that you have more than one person as a member of your LLC, which prevents this from happening. If you have any questions, give me a call at 727-847-2288.
- Published in LLC's and Corporations, Videos
How Can I Protect Myself from Real Estate Title Fraud or Deed Scams?
Video Summary
How can I protect myself from real estate title fraud or deed scams? Well, you can contact the property appraiser in the county where the property is situated or the clerk’s office and register your property with them and there’s a particular program or statute which allows them or they will notify you then if there’s any transaction involving your property so that if there is a deed of fraudulent deed or mortgage in conjunction with your property, you’ll be notified. You’ll need to obtain a copy of the document if you’re not aware of the transaction and then consult with an attorney concerning the document and what steps are necessary if it is a fraudulent transfer. This is not to be confused. Sometimes whenever you acquire property, you get correspondence from companies although they try and look like they’re a government office that says that they will send you a copy of your deed for a fee, which you need. This is unnecessary since whoever closed your transaction will provide you with this document. It’s in the public records and this is, I don’t know if it’s a scam or not, but that’s the way I view it. So you need to ignore those letters that you get other than from the clerk of the court. If you have any questions, call me at 727-847-2288.
- Published in LLC's and Corporations, Real Estate, Videos
If I Plan to Renovate or Build on the Property, What Permits or Legal Approvals Do I Need?
Video Summary
If I plan to renovate or build on the property, what permits, or legal approvals do I need? You need to start with a building permit as far as your contractor and be sure that you need to have a licensed contractor to do the work and file a commencement notice to comply with construction lien law. And so, some municipalities may require you to file a site plan, even though it’s the existing building. Just make sure that it complies with all the zoning requirements and your intended use of the property. So, the big thing is, is to get a building permit and have work done by a license built in contractor. You have any questions, give me a call at (727) 847-2288.
- Published in LLC's and Corporations, Real Estate, Videos
Should I Name a Corporate Trustee Like A Bank or Trust Company or an Individual Trustee?
Video Summary
Should I name a corporate trustee, like a bank or trust company or an individual trustee? Well, I believe that corporate trustees or trust companies are very well suited to handle large trust where there’s a lot of assets and it’s a continuing trust, meaning that the trustee is directed to hold the asset, invest it, and give the income or make distributions over a period of time to the beneficiary, such as hold the money until the beneficiary reach his age 35 and only give them income. They need to make investment choices, and they would do a very good job of as far as investing. One of the factors involved with the corporate trustee is their fee schedule and that you might want to check to see what their minimums are and what size of trust they usually like to handle, and that usually they have certain minimums as what it would cost them to handle it. On the other hand, if you have an individual which you trust, or one of your children or a relative who you believe could handle this and you have make provision for your assets to be distributed outright, then an individual may work out just fine and that they can simply marshal the assets or inventory them and then either sell them or turn around and distribute them in kind to the beneficiaries. And so, it’s not that complicated. Sometimes you want to name an individual, particularly if you have a minor or someone, a special needs person, and you want the human element of them to be able to make decisions as if the child or the beneficiary was theirs. So those are some of the factors to look at as far as individual versus corporate trustees. And usually, an individual does not charge the same rate as what a corporate trustee would. My phone number is (727) 847-2288If you have any questions
- Published in LLC's and Corporations, Trusts, Videos
Could Land Use or Zoning Rules Limit My Business on the Property?
Video Summary
Are there any zoning restrictions or land use rules that could affect my intended business on the property? Yes, zoning can restrict what business you can operate on your property. By way of example, the property needs to be properly zoned, such as C one, which is office commercial C two, which is heavy, automobile repair shops such as that one is light and industrial I two. These are examples of the type of zone you need to have. So depending on what your business is, it is whether or not you have the proper zoning. Also, as far as your land use is concerned, that will play into it and that you may need to have that comply. Not only the zoning, but also the land use as to what you’re going to be using the property for. If you’re going to be using it not for business, you need to check on density. Also, many municipalities may require a site plan, particularly if it’s vacant property as to landscaping and all sorts of other requirements on a site plan. So yes, zoning and government has a lot to do with what you can use your property for and whether you can use it for your intended business and what all you have to do to the property in order to operate your business. So, if you have any questions about it, give me a call at (727) 847-2288.
- Published in LLC's and Corporations, Real Estate, Videos