I only have experience forming a general partnership 20 years ago, and that was for a brick and mortar retail business with a DBA and employees, so I'm really rusty. What exactly do I need to do to form a two-person LLC strictly for purchasing and renting out a triplex? Everything I'm finding seems to be more tailored to retail or service businesses with employees, not a passive income business. The LLC would just be "[Surname] & [Surname], LLC," so I know we don't need a fictitious business statement – but what DO we need, other than California's Articles of Incorporation for LLCs? What do we need from the IRS etc before we can purchase the property, open a bank account together, and file taxes? Can someone link me to something specifically for investment properties? Neither of us are real estate agents and this should be considered passive income, rather than a business we're actively involved in. Thanks for any help, I am having trouble finding what I need via Google, without a bunch of stuff that doesn't apply.
help forming a General Partnership/LLC to buy a triplex in California
byu/awholenoobworld inrealestateinvesting
Posted by awholenoobworld