After a meeting with my accountant and attorney I have finally set up my investment entities. Here's what I did...(This is not legal advice nor is it tax advice. Please consult your professionals to best determine what's right for your situation.)
I created Zarbock Management LLC. I then used that entity and my personal name to form Zarbock Holdings LP. Zarbock Management LLC is the "general partner" with 1% ownership and my personal name is the "limited partner" holding 99%.
I then use the Zarbock Holdings LP to form 1 LLC for every property I acquire. (I am buying multi-family/commercial property)
I was advised this would provide my layers of protection and many tax benefits. However it's been a couple of weeks and I can't really remember all of them...lol.
Just thought I'd share.
Sounds a good plan, a little complicated though.
I am wondering what the benefit of this structure comparing to just forming a master LLC and use it to own other properties in children LLCs.
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