Legal Question in Business Law in Ohio
Limited Liability Company
Should I file papers to become a Limited Liability Company before I purchase real estate for rental income? Could I wait until the purchase is closed or would I lose tax benefits? Would LCC protect me from tenant lawsuits?
3 Answers from Attorneys
Re: Limited Liability Company
It depends on how many rentals you own or intend to own. I would consult with an attorney. I would be happy to provide a free consultation (440) 835-8200.
Re: Limited Liability Company
Do you plan on having other units?
If not, you really don't need legally to have an LLC, and insurance will cover your liability issues.
If you do plan on doing other units, then yes, LLC is the way to go, unless you plan on having employees. In that case, you would want to incorporate.
The tax ramifications are best answered by an accountant. Do that first and call me:
Joe Jacobs 216-952-1990 / 216-227-0900
Re: Limited Liability Company
The qestion you are asking is much more difficult than it seems. The correct answer depends on the answers to a number of other questions. It is far to complex to address via email. If you wish to discuss your options, please feel free to contact me at 216.241.2500.
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