How Can I Protect My Property Assets?

Share the Knowledge!

If a person owns several rental properties personally, should he/she incorporate or form an LLC to protect their personal assets and should a real estate attorney do this for them?

[NOTE: Articles and answers on DearEsq., while written and published by lawyers, do not constitute legal advice, and no attorney-client relationship is formed by your reading of this information. You should always consult with an attorney for any legal situations.]

Maybe, and yes.There are no one-size-fits-all answers to most legal questions, and the decision whether to form an entity to hold rental real estate definitely falls into that category. Many people appreciate the limited personal liability that a corporation or LLC provides, but it comes at a cost, and you should consider all factors before making that decision.

But I can strongly recommend working with an attorney, whether you choose to go that route or not. An attorney who is experienced with forming entities like the one you have in mind will be able to advise you on the pros and cons, and will also make sure that if you do form an entity, it will be done correctly.



Share the Knowledge!
Share:

Author: House Attorney