Legal Question in Real Estate Law in Colorado
Liability for Rental Property
I own Rental property in Colorado. I would like to seperate the property from my personal property. I was looking at starting a LLC or a S Corp small business. Is there any difference in liabilities between the LLC and the S Corp? Is there a time frame in claiming losses that we can transfer over to our personal taxes?
Asked on 10/14/02, 3:13 pm
1 Answer from Attorneys
Eric Fisher
Law Office of Eric A. Fisher. LLC
Re: Liability for Rental Property
An LLC is definitely the way to go for real estate for tax reasons. The liability protection is the same as a corporation. If you need me to set up the LLC, call me at 970-668-1949.
Answered on 10/14/02, 5:47 pm