LandInvestors.com Forums +Resources for Success+ $50 LLC Set Up, $25 Per Year to Maintain

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    Luke Smith
    Moderator
    Post count: 1262

    I’m from Michigan. There LLC’s are only $50 to set up. Have looked at lots of other states and set LLC’s up elsewhere too but I keep coming back to MI. They have a one page form to fill out. Only your name and address, the name of the LLC you want to start, the name and address of the registered agent(if it is not you, hire one with a MI address), purpose of the company and your signature.

    They want $50 to start it and then $25 a year to keep it going.

    Here is a link to the form to start one:
    Set Up Form

    Here is the site the form came from:
    List of forms

    Here you can search if the name you want is available:
    Name Search

    Why set up an LLC?
    There are lots of reasons most of which I can’t think of but it sure makes taxes a lot easier when you partner up on these land deals. Set up an operating agreement and spell out the terms there with your members so everything is clear.

    The only cheaper LLC I know of is Wyoming at $35. Problem is they are trying so hard to get business they went a little too far and don’t require your name and address. Because of that the major banks have started to shun Wyoming LLC’s and make it harder to open bank accounts with them.

    Where and how do you guys set up shop?
    Thank You

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  • Thomas Hybki
    Participant
    Post count: 6

    That’s awesome to hear. Super cheap to continue it seems like.

    I’ve heard a lot of good things about Deleware but it seems like the annual fee is much higher ($300 per year) but might be additional benefits that could out weight the cost.

    Here is a link I found that goes over some of them: https://www.delawareinc.com/llc/advantages-of-llc/

    Any thoughts if this would be beneficial for this business model? Or is it the cheaper the better and no real advantage to speak of other than cost?

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    People use deleware if they want to go public and or are into some kind of insurance.

    I like Costa Rica for $350 a year better than Delaware for $300. There is a lot more you can do when you start dancing across borders.

    The US is the best tax haven in the world for everyone except Americans. Best financial services. Easiests banking, brokerage and pretty much you name it financial. You or your capital just have to fly a different flag to take it for a full run.

    Jake Robinson
    Participant
    Post count: 128
    Pro

    Do you know if Michigan has a “charging order” provision in their LLC?

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