Everything depends on a name. But the name of the LLC you pick to own property doesn’t matter. Don’t spend hours trying to be cleaver or crafty. Pick something easy that tenants can write on a check without any problem. Also if your planning on owning multiple propoerties decide if you want to have each property in it’s own LLC or if you want to group them under 1 corporation. Recommendation is to have them unique to take full advantage of the protection of the LLC. Generally K.I.S.S. principal applies. Keep It Simple Stupid. Don’t try and do anything that will confuse both you and your accountant.
1st Choice should be the address of the property. For the rest of the blog post I will use 101 Charlo Court as an example. The worst part of registering a business in Montana is the name search tool. During previous attempts to register a LLC it took multiple tries plus additional rush charges because of very unclear instructions. Using our sample address, one would think you could enter the following in the search box and find results:
But you would be wrong, you would get the following result:
Which may lead you to fill out the paperwork and submit it to the state requesting “101 Charlo Court, LLC” as your business name. It would quickly be rejected. With the state of Montana, you have to spell out any numbers in the name for the search to work. But ironically the results are shown in numeric form. The correct search for the LLC name would be “one hundred one Charlo Court”:
This would return the 1 result, of a previously existing LLC with the desired name.
Any attempt to register anything which could be confused for that business name will be rejected. Also any business structure identifier does not qualify a name as being unique, attempting to register “101 Charlo Court, Corp” would not be acceptable as it is easily confused with the existing “101 Charlo Court, LLC”.
Also consider if your going to be renting out the property, having a domain name where you can promote the property allows for a year round landing page for potential tenants and existing tenants to gather resources and knowledge about the property.