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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10108
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I receive annual rent wind turbine and was curious about

Customer Question

I receive annual rent for a wind turbine and was curious about opening a LLC and If I could put the wind turbine in the LLC.
I do not have any sort of legal action or outstanding debts. The wind turbine is in California and I reside in South Carolina.Appreciate any guidance.George
Submitted: 10 months ago.
Category: Finance
Expert:  Lane replied 10 months ago.

Hi Geoge,

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Hi - I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations. - I can help here

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You've hit on the reasons to do so, segregating any liability (lawsuits, creditors, etc) from personal assets and income.

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As the single member LLC is a pass-through for tax purposes, (there's a general misconception that there are tax advantages) it wouldn't make any difference at all in THAT way.

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But it's a best practice from a liability standpoint

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If you don't think you HAVE any need for future liability protection, one thing to consider is that California has a minimum $800 per year minimum tax on LLC's.

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Let me know if you have questions

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Lane

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