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re: Rental property:LLC or not?
Posted on 8/1/13 at 10:49 am to Mr.Perfect
Posted on 8/1/13 at 10:49 am to Mr.Perfect
Every instance I've been able to find in which an LLC failed to provide protection involved commingling of funds, failure to maintain separate accounting records and failure to follow proper administrative procedures in addition to undercapitalization. It requires more than just undercapitalization for the LLC to be considered an alter ego.
Purchasing a large umbrella policy as an individual is always a good idea if you have substantial assets you wish to protect. However, it should be your second line of defense instead of first.
Purchasing a large umbrella policy as an individual is always a good idea if you have substantial assets you wish to protect. However, it should be your second line of defense instead of first.
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