Legal Question in Real Estate Law in Michigan

Re: Purchasing rental property

It depends on what you want to accomplish. If want to protect personal assets from liability, the LLC is the way to go. However, there may be some tax ramifications. I would check with your CPA also. Contact my office if you would like to discuss further. Tim Klisz

Re: Purchasing rental property

If you purchase the rental property in your name, your personal assets could be attached by creditors because you have no corporate shield. If you purchase in the name of the company, then a creditor can attach only the company assets. Furthermore, if the company is undercapitalized, a creditor can get to your personal assets anyway by piercing the corporate shield.

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