Creating an LLC for a Foreign Airbnb Property
Hello all! Hope some of you can clear up a few questions I have. Here it goes:
My father owns a vacation home in Ireland that sits unoccupied for 345 days a year. I am proposing to him that he let me Airbnb out the home so that it generates some passive income.
I intend on taking out short-term rental insurance on the property to protect my father from any liability, but I want to take it a step further and set up an LLC so that his assets (including his vacation home) are completely protected in the event that a guest gets injured and tries to sue. I also want to be able to write off on my taxes any business expenses I will have.
My questions are:
1. Can I operate an Airbnb in Ireland with an LLC registered in the US? Is there any reason I might want to register the LLC in Ireland instead? Do I need to register the LLC in both the US and Ireland? My home state is New York.
2. Can I be the sole owner of the LLC if my father owns the property?
3. If I operate the property under an LLC, will my father, and his vacation home, in fact be protected from any liability being that the title to the property is in his name? Are there any situations he would not be protected?
I understand that the laws are different in every country and that I need to do some research into Ireland’s real estate and business laws, but any thoughts, advice, or ideas would be much appreciated.
Thanks ahead of time for all of your help! Roll BP Community!