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re: Rental Properties Spinoff: Should you LLC?
Posted on 3/15/17 at 12:35 pm to baldona
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.
1
Posted on 3/15/17 at 12:50 pm to Teddy Ruxpin
Yes, said much better than I. You can't buy a $50,000 rental property for $10,000 and put it into an llc of its own, then have someone sue you for $1 mil and not expect them to come after you for more than what the property is worth.
LLCs for rental properties are very good, I just don't want anyone thinking they are are a steel curtain from all personal liability.
LLCs for rental properties are very good, I just don't want anyone thinking they are are a steel curtain from all personal liability.
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