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My husband and I moved here a little over two years ago.

Customer Question
Since then we have sold...
My husband and I moved here a little over two years ago. Since then we have sold our companies in TX and have begun investing in real estate. We are currently flipping a house and we are breaking ground on an organic farm. We own two properties in CA which are paid for. We also own 4 houses in TX. We started a new company when we got here called Womack Farms, LLC (when we decided to begin the organic farm). We have so many questions... How much insurance should we have on each of our properties and business? Should our business own our assets? Should the house-flipping function under the same umbrella as the organic farm? Or should we form two different companies for each? What paperwork do we need to submit each year to keep our business current? Many laws exist in CA that we have not experienced with our businesses in TX. We just want to make sure we are protecting ourselves in the process.
JA: Can you tell me what state the LLC is registered in?
Customer: Womack Farms, LLC in registered in the state of California. I also own a company called Badland Beauty, LLC in TX.
JA: Has anything been filed or reported?
Customer: We filed our paperwork for Womack Farms through LegalZoom.
JA: Anything else you want the lawyer to know before I connect you?
Customer: We are also renting the house we live in right now. We also lease the acre of land adjacent to our home for our organic farm. We are in escrow on a new property as well.
Submitted: 1 year ago.Category: Business Law
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11/16/2016
Business Lawyer: Law Educator, Esq., Attorney replied 1 year ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 119,493
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
First of all, your personal assets should NOT be owned by your LLC. You need to keep your personal assets completely separated from your business assets and do not want to mix them. You should also hold your house flipping business separate from the farm, there should be two separate LLC, this way you can protect one business from liabilities of the other business.
At the least you need to have one LLC for the Farm, one LLC for the property business and you should keep both businesses and your personal property separated.
Each property needs to be evaluated and each business needs to be evaluated regarding insurance. So, your agent needs to come in and evaluate gross sales and value of property and your potential liabilities to set up an insurance policy for each business for you to protect each LLC.
Each year you need to submit a tax return to the Franchise Tax Board and pay minimum taxes and your IRS returns. Your LLC technically does not pay taxes, you file returns with both the FTB and IRS and you pay the taxes personally as an LLC unless you have chosen to have your LLC taxed as a corporation.
At least initially, and I know you may not want to do this, but I suggest using a local CPA to handle your business finance and tax issues to get everything set up and running and then if you want you can take them over yourself later.
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Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 119,493
119,493 Satisfied Customers
Experience: All corporate law, including non-profits and charitable fraternal organizations.

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