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re: Rental Properties Spinoff: Should you LLC?
Posted on 3/15/17 at 11:05 am to baldona
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.
1
Posted on 3/15/17 at 11:18 am to TopWaterTiger
If you have an umbrella for just that llc that covers your total liability yes, but my understanding is if you don't they can come after you personally still.
Again, my understanding is that $100 piece of paper still doesn't CYA for everything and anything you do negligently personally. It is mostly for issues outside of your immediate control. So if you have a maintenance man screw something up you can be covered, but if you screw up maintenance that causes a liability you may still be held personally responsible.
I'm not a lawyer, all I'm saying is slapping an llc on everything doesn't automatically CYA. It's not that simple.
I personally prefer multiple properties in an llc with a larger portion of money spent on umbrella insurance.
Again, my understanding is that $100 piece of paper still doesn't CYA for everything and anything you do negligently personally. It is mostly for issues outside of your immediate control. So if you have a maintenance man screw something up you can be covered, but if you screw up maintenance that causes a liability you may still be held personally responsible.
I'm not a lawyer, all I'm saying is slapping an llc on everything doesn't automatically CYA. It's not that simple.
I personally prefer multiple properties in an llc with a larger portion of money spent on umbrella insurance.
This post was edited on 3/15/17 at 11:22 am
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