LLC Formed, what next?
Hello all,
Looking for some help for the BP folks....
My business partner and I currently own 4 rental properties, which we plan to put into an LLC. The LLC has been filed with the State of TN, and once it has been recorded, we will QC the properties to it. (our lender has approved this). We are 50/50 partners in the LLC and will split profits / losses accordingly.
My question is: How do we protect our personal assets, and the equity in the rental properties, in the event a Tenant sues us etc.?
I have been unable to get a personal umbrella policy to cover the rental properties to this point, because we are both named on the Titles of the properties.
Is there some kind of business insurance that would be suitable for this situation?
Any insight from those that may have an opinion or experience with a similar situation would be much appreciated.
Thanks!