I’m helping a family member who is interested in forming an LLC to hold his mineral interests. What type of advisor does he need?
He’s heard the good folks at NARO mention an LLC structure, but he really doesn’t understand what that means for him. He needs someone who can explain the pro and cons of the LLC, help him make the right elections for the LLC structure for today and also for the future after his death. He is also needing advice on the tax consequences of an LLC and how it can be set up with tax efficiency in mind. Who should he consult with, a business attorney, tax attorney or CPA? Or someone else?
The majority of his interests are in Arkansas, so I was thinking that finding an advisor in AR makes sense as they likely have expertise with the mineral industry. Is this necessary or am I over thinking? His home state of Michigan has little expertise in this area.
If finding an Arkansas advisor is the best course, does anyone have any recommendations?
thanks!