Legal Question in Real Estate Law in New Jersey

Limited Liability Corporation purchase

If I am inheriting a residence of which I will have tennants living above me in the same house, what is the advantage of titling the house and property in a Limited Liability Corporation as opposed to my personal name?


Asked on 7/15/04, 9:22 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Limited Liability Corporation purchase

As an individual owner, you will have personal liability for any damage or injury that takes place, even if not your fault. Using a LLC will limit your possible liabilities to only those you cause by your negligence. As a one-man LLC you need only file a Schedule "C" as part of your annual tax return and all other benefits of individual ownership for taxes, etc., will flow to you. If you need assistance in creating the LLC or with your taxes, contact me directly.

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Answered on 7/15/04, 10:39 am


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