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LLC protection for landlord - Landlord Forum thread 326141

LLC protection for landlord by Anonymous on October 22, 2014 @12:03

                              
Read an earlier post about LLC, and I like to transfer the ownership of my rental to my LLC by using warranty deed also. My rental is worth about $800,000 without any mortgage or lien, also any member of an LLC is allowed to evict tenants within my state. My own home is worth about the same. Would an LLC really protect my own home from a lawsuit from my tenants in the future? I really hate to have a seperate business account for my rental, it just produces too much paper works for me! Anyone know any case of landlord protected by LLC? Also, since the rental is under my own name now already, is that too late now to transfer it to the LLC? Thank you all...
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Re: LLC protection for landlord by Nicole (PA) on October 22, 2014 @15:16 [ Reply ]
I am, as so often, confused beyond belief. How can anyone with significant assets such as you've got not know enough to seek specific, paid for, legal advice?

Why would you believe anyone on an internet chat board? EVERYONE has a different financial and familial situation - there is no one size fits all answer
Re: LLC protection for landlord by Joel on October 23, 2014 @00:26 [ Reply ]
The answer to your questions is probably yes, but Nicole speaks the truth that you should not be cheap about such an important matter worth so much money.
Re: LLC protection for landlord by Anonymous on October 26, 2014 @00:32 [ Reply ]
An LLC can be created easily and dissolved easily. This is why one would want to have an LLC if his assets were of importance. You can't sue a dissolved corporation.

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