Legal Question in Business Law in Virginia

I have 5 rental properties. I am looking to setup and LLC or series of LLCs to give myself max protection against personal assets and the ability for someone living in one property to sue me and get to one of my other properties. This is what I was thinking of doing and wanted advice on it. Set up a Parent LLC, Say Parker Properties, LLC. Then setup an LLC for a Property Mgmt Company, say Parker Property Mgmt, LLC, that is contracted through Parker Properties to manage the various properties. Then, each property would be its own LLC, example 124 Bird Street, LLC. Each property is shielded from the others since they are in their own LLC. The work of Parker Property Mgmt is separate and not tied to the properties, which shields me from any issues that a tenant may have with how I deal with them as a tenant. How does this sound? Or, is the Parent 'Parker Property Mgmt, LLC, not needed? Thanks. Mike


Asked on 10/05/16, 4:57 pm

1 Answer from Attorneys
Robert Beatson, II Law Offices of Robert Beatson, II

Dear Mike,

The facts need to be carefully evaluated and analyzed to provide counsel for the handling of legal/tax matters under VA law. An experienced attorney and accountant should be able to handle this. In accordance with the Rules of Professional Conduct and professional ethics applicable to attorneys in Virginia, a signed engagement letter is required to establish an attorney/client relationship. If I can be of any assistance to you or people you know, please contact me as I would be pleased to provide legal/tax support. 30+ years experience and further information is at www.beatsonlaw.com

Sincerely,

Bob Beatson, 10-24-2016, 10:55 p.m. EST

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Law Offices of Robert Beatson II

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Answered on 10/24/16, 7:58 pm


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