Pros and Cons of establishing and LLC during search phase

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by a searcher from State University of New York College at Geneseo
in Albuquerque, NM, USA

1yr ago

Pros and Cons of establishing and LLC during search phase

I would be curious to hear other peoples reasons behind choosing to set up an LLC before or during the search phase versus those to wait until closer to closing

Specifically interested in legal and financial aspects.

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reply by a professional 1yr ago
from Bentley College in Miami, FL, USA

-- Liability Protection: Provides immediate liability protection if you engage in any formal activities, such as signing NDAs or LOIs.
-- Professionalism & Credibility: Operating as an LLC can help establish credibility with brokers, sellers, and lenders.
-- Business Expenses: Allows you to start tracking and potentially deduct certain expenses related to the search process.

reply by a lender 1yr ago
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

I agree with Roman below.