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LLC just for protection? - LoanUniverse Community

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LLC just for protection?


2 replies to this topic

#1 Guest_Dean_*

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Posted 26 August 2004 - 07:32 PM

If one only has about 6 rental units and plans to keep them long term(15-20 years), then what other than some tax advantages is the real benefit of an LLC? Is it not easier and likely more economical to just increase your liability insurance? Considering the additional legal and accounting fees. Thanks for the great site.

#2 loanuniverse

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Posted 26 August 2004 - 07:40 PM

A lot of people carry rental properties in their personal names. I see dozens of personal tax returns and personal financial statements every year, and if the danger of having your name in the title was great, I would not see those assets with the frequency that I do.

On the other hand, I donít see a lot more accounting involved by creating an LLC. ReallyÖ. with rental properties under your name you still have to keep track of revenue and expenses.

There are other benefits to creating another entity, such as being relatively easy to take on a partner or get rid of one on the fly.

Is it cheaper? I donít know would have to take a look at the premium.

#3 Guest_mattk1045_*

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Posted 06 September 2004 - 11:45 PM

What I suggest is keep your properties in your name you get a lower interest rate in your name than a company. Then have your tenants pay you in your companies name for the tax breaks. I have many investors who do this exact thing.





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