Legal Question in Real Estate Law in New York
My brother and I own a home jointly and we would like to use it as a rental property what sort of partnership do we have to set up
Asked on 6/26/11, 10:21 am
3 Answers from Attorneys
David Slater
David P. Slater, Esq.
One that will share assets and liabilities. The internet has many such forms.
Answered on 6/26/11, 2:22 pm
Michael Markowitz
Michael A. Markowitz, PC
I would suggest either a corporation, or, better yet, a limited liabiliity company.
Mike.
Answered on 6/27/11, 5:08 am
Walter LeVine
Walter D. LeVine, Esq.
I agree with Mike. A simple LLC will do it. However, using a trust may give you more flexibility for income and death tax purposes, and can allow future generations to take over if a parent dies while the property still exists. You should consult a good tax attorney or accountant for suggestions and advice.
Answered on 6/27/11, 9:01 am
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