Quote:
Originally Posted by aslowdodge
How much is the yearly fee for your Llc?
Do you have bank charges for each account?
How much insurance do you have , big umbrella I assume?
Thanks
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One state has $79 LLC annual fee
Another state has no annual fee, just and annual report that each LLC is making under $1.5m....
All my banks have free business checking, I am switching out of one bank today that wanted $3/ month. (Other issues as well, such as county does not have this bank set up for property tax payments, and everytime I leave this bank I have to take a shower (used car sales type staff). As an international Co-op developer ( and having a .coop emai) I am not keen on slimey banks, but I will take their sub 4% business loans ...
I prefer the 'direct offset' on tax liability of having loans on income properties. ...fttb. Loans on income property may be the last ones I choose to payoff. I run the numbers every year doing tax scenarios.. At the moment,,,, the loans do me more benefit than harm (financially). I keep the excess funds / LOC available to pay off the slimey banks if they get ugly.
Each of us will be very different on insurance needs.
I only have $1m umbrella on each llc
$3m on personal.
Realize, I have a VERY small net worth to protect. I just want my charities to get their share when I exit.
I gave all mine away at age 39 to form a family trust and donor advised fund. My kids only inherit the right to disburse those funds to charities in perpetuity.
My liability risk is high because I drive a $35 car that is 40 yrs old. (And my old dump truck has a very high liability risk)
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