Did you read the Email from Mr landlord yesterday? About the new requirements for all registered LLC's.

What are you all doing in response to it?

I had already decided not to renew My state registration this past November - knowing the "protection" was

Minimal at best. And, honestly, I wasn't holding all the meetings & documenting them as required - and don't want to be bothered with it.

I had registered a DBA (Doing Business As) with my city before I ever got the LLC. That allows

Me to legitimately use a business name as an "Alias".v

I did not see anything regarding if this applies to trusts or land trusts.

I must have missed that one. Anyone know where we could find the info?

Ditto, Jason VA.

One part of the monster I never fed.

I was thinking how we all need to learn from Ray in PA about trusts.

Looks like trusts might be exempt.

Our ownership of our LLCs is required info with our state - anyone can look us up. And then go to the tax databases and look up our properties.

We using ours strictly for convenience (bank accounts and such, and the EIN required to open them are registered with the IRS already) and for estate purposes.

Go ahead and prep the paperwork, but I wouldn’t be in any rush to pay or file anything before the end of the year. A lot can happen by the end of December in the circus known as the American government. Remember RRP? Yeah, we don’t hear about that much anymore either.

In New York state there's a separate form and fee to fill out if you have and LLC every year with your taxes... this is on top of all the fees you have to pay to get an LLC and all the advertising requirements that no other state has.

Reduced liability not so much-- was never expecting that.

Scott/IN don't be too sure about that court bit. I was always told that was the case - LLC needed a lawyer for evictions - which kept us from forming one for a long time. Then for some reason I happened to hear from someone - I think our attorney at a closing - that that wasn't true, so I called the State Board of Corporations and asked. They said if you are a managing member you could represent the LLC in Small Claims court. In fact anyone can who "has direct knowledge of the facts of the case" so I could send my son, for instance, if he could swear to his knowledge as a fact. It even says that on the actual claim form itself, just not clearly.

IF it went to "Big Court" then I'd need a lawyer but I'd hire a lawyer for that regardless.

I don't have to worry about LLC's, but Ken makes a good point.

I would also like to know how this affects land trust, especially if an LLC is somehow involved with the land trust? Perhaps Ray will know?

NE, is there anything in government that isn't a joke?

Sid, from the web:

I kept the free'n clear in a S corp. Always did my own evictions. Never questioned in court.

One of the county courts required a lawyer for filing ANY evictions. I pushed back on this tell the clerk "This process can not be SO complicated A TAXPAYER CAN NOT NAVIGATE IT!". She let me file.

Our Clerk of Courts in one county regularly gave out law and notice advice to landlords - against the rules, and her advice was factually incorrect - but we were newbies and listened.

As we got better at LL'ing the filings went down (imagine that!) and I also learned to just nod and say yes to her to get my papers filed.

I tried to see loopholes in this and I can't. I thought maybe making a small non-profit a (c)6 to work around but nope you need a (c)3.

So absent of that I have been rethinking how to structure out my LLCs. I still have one without much cash that only does property management. That limits my risk in the property management field as I have such a small amount of cash in that LLC. I use it primary to generate a small active income so I can open up a Roth 401(K).

As for using my land trust, in the past I would name the LLC as a beneficial interest. I think it will make more sense at this point to list it as a the trustee instead of the beneficial owner.

This doesn't get around the registration requirement, the FINCEN requirement has been around for a few years - it has been the banks reporting this data.

There are about 33.3 million small businesses in the US. There are another 3 million new businesses annually. Those are some huge numbers - ever wonder WHO is going to over see that data? That is the wrong question - I believe the question should what is going to over see that much info. AI, I believe is the answer.

Much of this data is already out there - but with the IRS. I am sure it is only a matter of time before an opppps occurs and all the info that is needed to start that business will be out in the dark web somewhere. So I am not that happy about the requirement, but it only makes the need for land trust that much more important.

Folks, this should be a tool in your tool chest. There are lots of reasons to have them. Privacy, taxes, financing and estate planning are the biggest reasons. But having a property in a land trust allows you not to lie when you say, I am not the owner - I manage the property. It is 100% true.

I vote for Ray to be a presenter at the con focusing on land trusts.

Either that or he is invited to dinner with me and the wife to discuss them a little more in depth.

I'm with you, zero.

If he doesn't present, may I join you at that dinner.

Maybe he can do a "round table"?

What do you think Ray / Jeffrey?

Maybe this idea needs a new thread.

Well now we have three people for dinner.

It's so nice of Ray to do this. Won't he be surprised when he checks back in!

I learned from Randy Houghs, Bruce Norris and Ward Hannagan. Randy and Ward have courses you can purchase. Randy has a choice between having him set them up or you getting a course and a template.

He will provide the "legal way" of doing running the trust, then you can ask him off-line and ask him if there is "gray areas" that he can cover to stream line a specific process.

Great info about having Randy be a presenter!

Apparently this provision has been fortunately put on hold as of Monday.