Corporation Formation and Asset Protection

[Victoria Spagnolo]

Hi all! I created an LLC through Legal Zoom for my first investment property, but I was wondering how everyone else went about this? What other programs are we using? Are you going through your accountant? Is everyone going through the proper publishing requirements with the state (for context, I am in New York)? Also, are you creating a separate LLC for each investment property? I've heard it's best to do that for asset protection purposes, but that seems like a lot of work and a lot of fees. What are your thoughts? What about umbrella insurance policies protecting the LLC? Does it make sense to have one if I only 1 or 2 properties (under the LLC(s))?

Relatedly, in what state do you suggest forming the LLC? For convenience, I formed by LLC in the state of my residence, but the property is located in a different state. Please advise!

Thanks in advance BP fam!

P.S. - might to title this Corporate*** formation. I have an LLC not a corporation. Thanks!

[Chris Seveney]

fastest way to lose all the rental income you have coming in the door - blow it on fancy setups that cause aggrevation and your CPA to make great money.