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re: Rental Properties Spinoff: Should you LLC?
Posted on 3/15/17 at 11:18 am to TopWaterTiger
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
1
Posted on 3/15/17 at 12:35 pm to baldona
Everyone is responsible for their own negligence. An LLC isn't a get out of jail free card.
For example, an LLC with 3 members. If Member A does something grossly negligent, the LLC and Member A can be sued for that negligence. Members B and C cannot be personally sued, but of course, their interest in the LLC can be affected.
For example, an LLC with 3 members. If Member A does something grossly negligent, the LLC and Member A can be sued for that negligence. Members B and C cannot be personally sued, but of course, their interest in the LLC can be affected.
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