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I'm the sole proprietor of a five family building and would…

Customer Question
I'm the sole proprietor...

I'm the sole proprietor of a five family building and would like this rental business to become an LLC but still without any partners. Is it ok to have an LLC with no partners?

Lawyer's Assistant: Has any paperwork been filed?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not really

Submitted: 1 month ago.Category: Real Estate Law
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Answered in 5 minutes by:
12/30/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,356
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago

This is a short answer to your question; however, the answer to your question is yes, you can start a single-owner LLC. You do not need partners to have an LLC. What other questions did you have for me?

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Customer reply replied 1 month ago
You haven't answered my questions - can just one person administrate an LLC perhaps using the address of my building as the business name. What do you think?
Real Estate Lawyer: Legal Eagle, Lawyer replied 1 month ago

Yes. It is a highly common practice and I've helped people do exactly what you're talking about, as recently as this summer. You don't need partners, a board, or co-owners to administer or own an LLC. Does that clarify it a bit more?

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Legal Eagle
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 8,356
8,356 Satisfied Customers
Experience: Licensed to practice before state and federal court

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