I am in the process of filing a LLC (using legalzoom.com). The LLC will be used to manage a potential Hawaii property rental that we will buy in the future, so currently there are nothing in the corp yet.
Several questions to the form that I don't know how to answer:
1. Management: how will the LLC be managed? My wife and I plan to manage the company but obviously we will hire someone in HI to help us manage the property. Should the answer to this question be Managed by all members or by more than 1 managers?
2. Officers: what are the pros and cons and tax impact if we assign us titles vs. no titles?
3. Capital contribution--since we haven't bought any property, what should we put here? And is this the same amount as the property value or it's asking different things?
4. Ownership %: this LLC will be owned by my wife and I, but eventually we will want to create a trust--should we do 50/50 and when we set up the trust, we move the ownership of the LLC as part of the trust filing?
5. Transfer of ownership: does this dictate the transfer of ownership for the property that we buy/sell, or just the LLC ownership?
6. Tax set up: what's the difference between pass through vs as a corp?