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re: Rental Properties Spinoff: Should you LLC?
Posted on 3/15/17 at 10:58 am to TopWaterTiger
Posted on 3/15/17 at 10:58 am to TopWaterTiger
I'm not a lawyer but here's some advice I was told, if you are the person doing the work an llc for a rental property can be pretty worthless. Llc's are there to protect you as the owner from liability that others did, if you are the one liable for the issue paying $100/ year for a llc isn't going to protect you.
So if you fail to repair a roof and something happens, there's very little protection. But if your roofing contractor screwed something up there is protection for you through the llc.
So if you fail to repair a roof and something happens, there's very little protection. But if your roofing contractor screwed something up there is protection for you through the llc.
1
Posted on 3/15/17 at 11:05 am to baldona
quote:
o if you fail to repair a roof and something happens, there's very little protection. But if your roofing contractor screwed something up there is protection for you through the llc.
yes under your scenario you are still liable, the big difference though it that just the LLC is liable. Your personal savings accts, 401k, personal home, etc are protected. If you own it in your name personally, the all your assets are fair game to anyone who comes after you.
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