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I have a Town Home in my sons and my name, and another in my…

Hello, I have a Town...
Hello, I have a Town Home in my sons and my name, and another in my husband and my name. We would like to rent them out under a common LLC which I plan to open. I would like to know the benefits of having this LLC for renting the two THs and also is it OK to have this single LLC with THs under partly different names. Thanks
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Answered in 5 minutes by:
1/15/2018
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 36,349
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As a general rule, you would want each property in its own LLC. This will avoid any cross liability if there is a claim against one of the LLC's.

In other words, if someone slips and falls in one TH, you do not want the other TH exposed to liability for the claim arising from the other TH.

Otherwise, LLC's are an excellent means of ownership for income producing real estate.

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Customer reply replied 1 month ago
Could you please let me know two biggest benefits of having an LLC for a rental property. however it is more helpful over managing without llc thanks

The benefit is that it shields you from personal liability for claims against the LLC.

It is a pass through entity, so it is not a taxed entity. It is also more flexible than an s corp.

Loren
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