Legal Question in Real Estate Law in Florida

I am a restaurant owner (Inc. for 13 years). I am purchasing the building that is 3 stories, Top 2 levels are rented. I have been told to put the building in a LLC. But if I put in a LLC Inc. company would pay rent to the LLC. In the state of Florida I have tp pay sales tax if I pay rent, which comes out to about 10K a year. Can the inc. restaurant or me personally purchase the building? Or is LLC the best way to go. Thanks for response.


Asked on 7/16/10, 10:10 am

1 Answer from Attorneys
Kellen Bryant Law Office of R. Kellen Bryant, P.L.

The LLC is a great way to go for asset protection purposes. For example, if you have the restaurant purchase the building and a customer slips and falls, that customer could look to seize the building if your insurance limits do not cover the full claim. Basically, having the building in a seperate LLC would prevent creditors (personal injury and contract creditors) of the restaurant and you personally from foreclosing on the building to collect a debt.

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Answered on 7/16/10, 1:27 pm


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