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Rental Properties Spinoff: Should you LLC?
Posted on 3/14/17 at 11:31 am
Posted on 3/14/17 at 11:31 am
Thought a separate thread was better than hijacking the other one, but what does the Money Board think? I have a few different rental properties but they're not LLC's - just all owned personally. I do have a million dollar umbrella on them in case of personal injury however and was waiting until I had about 4 or 5 before I set them all up as an LLC. I recently was speaking with some closing attorneys who suggested putting each one in it's own LLC to protect yourself against any liability but other articles I've read say if someone gets hurt in one of them, the LLC wouldn't really be able to protect you anyway.
I guess I'm just curious if anybody here has multiple investment properties, how you have them set up, and why...
I guess I'm just curious if anybody here has multiple investment properties, how you have them set up, and why...
Posted on 3/14/17 at 11:33 am to Giantkiller
I have a different LLC for each property, I'm not trying to have litigation at one affect another if that were the case.
Posted on 3/14/17 at 12:52 pm to Giantkiller
quote:
I recently was speaking with some closing attorneys who suggested putting each one in it's own LLC to protect yourself against any liability but other articles I've read say if someone gets hurt in one of them, the LLC wouldn't really be able to protect you anyway.
This is solid advice, and you should follow it. I have a catering business and every trailer is a separate LLC. You do not want something to happen to a scum bag and lose everything you have worked for.
Posted on 3/14/17 at 2:51 pm to Giantkiller
quote:
different LLC for each property
This is the way to go
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