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We live in Arizona. We just bought a condo in Kailua Kona,

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Hawaii which we are plannning...
We live in Arizona. We just bought a condo in Kailua Kona, Hawaii which we are plannning to live in for 4 to 5 months a year. If we rent it to someone else through a real estate company on a month to month bases, can we open the Hawaiian excise license as an LLC, should we get a seperate banking account for the property, and what else should we do?
We really do not what we are supposed to do now at all.
Submitted: 2 years ago.Category: Real Estate Law
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3/4/2016
Real Estate Lawyer: Roger, Lawyer replied 2 years ago
Roger
Roger, Lawyer
Category: Real Estate Law
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Hi - my name is ***** ***** I'll be glad to assist.

If you are going to be renting the property out, you may want to have the title to the property held by a separate entity -- such as an LLC -- in order to provide you with protection in the event that a tenant is injured on the premises and tries to sue. Having an LLC provides you with insulation from personal legal liability.

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Real Estate Lawyer: Roger, Lawyer replied 2 years ago

It is likely best to see a local attorney in Hawaii to set up an LLC for your condo ownership. Here's a good link you can read about establishing a business, excise licensing procedures, etc.: http://files.hawaii.gov/tax/legal/taxfacts/tf2015-31-1.pdf

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Real Estate Lawyer: Roger, Lawyer replied 2 years ago

If you do decide to form an LLC to own the condo, you would have to establish a separate bank account and have the money run through the account, which would serve as a pass through to you (money would pass from the LLC to you).

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