Legal Question in Real Estate Law in New York
real estate in a llc
I have an LLC with my daughter. We now own 5 unit apartments on 5 acres of land. Do I need to sell the property to the LLC to protect it from law suits etc.?
2 Answers from Attorneys
Re: real estate in a llc
You need to transfer title to the LLC. If you need help with this, let me know.
Re: real estate in a llc
The first thing you should do to protect yourself is to get a good amount of liability insurance protection. That should be your first line of defense. Then, you can transfer the properties to the llc. If it is more than 1 property, you may wish to use more than 1 llc - to isolate each one. I would note that this is a step to help shield yourself from liability. This does not mean that under all circumstances this WILL protect you. There may be certain circumstances where you would have personal liability.
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