Legal Question in Business Law in Virginia
limited liability corporation
My wife and I own four rental properties. We want to protect our personal assets from a tenant's lawsuit due to injury and/or from some other mishap, especially if our insurance did not cover all the liability. I understand placing each property individually in a LLC would provide greater protection than having all the properties in one LLC. Is filing the LLC the best way for our protection? What about the individual LLC approach?
Thank you,
Larry
Asked on 10/04/05, 9:03 pm
1 Answer from Attorneys
Robert Strupp
Robert J. Strupp,Attorney at Law, PLC
Re: limited liability corporation
Inividual LLC's is a good approach. Your other three properties would likely be separate from the one that leases to the injured tenant, etc.
Robert J. Strupp
Attorney at Law, PLC
Answered on 10/04/05, 10:28 pm
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