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Updated almost 4 years ago on . Most recent reply

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Samuel Baker
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Which way to is the best wat to LLC?

Samuel Baker
Posted

i currently purchased a 8 bedroom home with a down stairs in law suite of 2 bedrooms, living room, full bathroom, and kitchen plus a separate entrance. my plan is to vacation rent the in law suite to the summer little league baseball teams who come for the 12 week summer training camps down the road and during the school year to lease to college professors from the local state university where my wife teaches. The question comes in the form of asset protection through LLC. In the state of NY the local attorneys are quoting $2500 and up to set up a single entity, but through research i read Gary Sutton's book , to start your own LLC, and he speaks to setting up multiple LLC entities with the primary holding LLC in NV or WY. I reached out to his practice and they are willing to set up 3 entities for around $2400; a WY holding LLC, a NY real estate LLC, and a NY farm LLC for raising honey bees, chicken eggs, and nut trees on the addition acreage that home sits on. the question I have is

A) the idea of the extra entities sound good, but does it offer better liability and asset protection?

B) 3 LLC's for the price of 1 sounds like a great deal, but has anyone had experience with the SUTLAW practice and how was your experience.

C) i know i am new to this business, is there any other advice that may help me from making any errors in setting up the LLC's?

thank you,

Sam

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