Saturday, December 8, 2012

How to use a New Mexico LLC when you do not have one


Huh?

How can you use an LLC when you do not have one?  I'll tell you in a minute, but remember, it's still best to keep some extra ("shelf") New Mexico limited liability companies on hand.  Here's what happened just yesterday:

My good friend Jorge Ortiz had called me the previous evening to say he'd be bidding on a property that joined his. The auction was being held by the county to sell off properties for back taxes. Might I like to buy something, too?

When the doors opened in Room B at the County Courthouse the next morning, Jorge and I were in the second row.  Now note this:

I had with me a list of six New Mexico LLCs, taken from the longer list of LLCs I always keep on hand.

I bid on six properties along one of my favorite scenic highways, State Route 530 between Rockport and Darrington, Washington. I was the high-bidder on three, and of course used a different LLC for each one. All was well.

However, what if something similar happens to you, and you're caught without an LLC to your name?

Make up a name!  But not just any name--it has to be one that has never been registered.  The only way to do this is to invent such an oddball name that no one else on Planet Earth could have thought of it. Something like Englelrod & Tyskipsi LLC. When you are buying, no one needs to see your actual documents or operating agreement.  But when you sell, then you need both. Thus, once you buy with a not-yet-formed New Mexico LLC, contact Rosie Enriquez and order a custom NM LLC--fast!-- using the odd name you chose.

Better yet, avoid this scenario. Get the names you want by ordering your shelf LLC in advance.

JJ Luna

P.S.  If you’d like to buy a property with both building and land for less than $20,000, email me at once! Put “Blog” in the subject line.  Jack {at} JJLuna.com.

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