Legal Question in Real Estate Law in Ohio
should we incorporate?
We just bought a 4-unit apartment building as an investment. We were advised that we should have incorporated prior to the purchase. Can we still incorporate now? And what must we do to get this property in the name of the corporation?
2 Answers from Attorneys
Re: should we incorporate?
It is not too late to incorporate. Once the corporation is formed, you can issue a quit claim deed to transfer the property from you personally to the corporation. It would be a good idea to consult counsel to make sure it is done correctly.
Re: should we incorporate?
It is not to late to incorporate. You in fact have two options. You could incorporate or form a Limited Liability Company. These two different types of business entities have similar liability protections and tax advantages. Your particular situation may warrant the use of one over the other. I would be delighted to discuss this matter with you. If I can be of service, please feel free to contact me at 216.241.2500.
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