Does my LLC require a license to manage my rentals?
I own a property in my own name that will soon become an STR. I want to run everything through my LLC. In order to do this, does my LLC require a real estate license since the property is in my own personal name?
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Simple answer is no.
Unless your jurisdiction requires you or a person to hold a license to rent, then it would be the same for an LLC.
If you're moving your assets under your LLC, your most immediate question should be is your LLC and its Operating Agreement set up correctly? Then your next question, do you have a Will or Trust and how are they set up.
Pull out your LLC, LLC operating agreement, Will and/or Trust. If you died today, what would happen to your assets?
For example, you died today. Your Will leaves your assets to ??????. The will has to go through Probate and takes a year. In the meantime, the bank is foreclosing on your property's because your beneficiary can't pay the expenses and the P/I. You have money in the bank but since you didn't set it up under a TOD to the beneficiary and had a Will that has to go through Probate versus a Trust which could have given them immediate Legal access, all of your hard work not only goes down the drain, but you have tied up your Beneficiary into a legal mess.
You want to talk with a Trust Attorney and not your normal Attorney.
Quote from @Henry Clark:
Simple answer is no.
Unless your jurisdiction requires you or a person to hold a license to rent, then it would be the same for an LLC.
If you're moving your assets under your LLC, your most immediate question should be is your LLC and its Operating Agreement set up correctly? Then your next question, do you have a Will or Trust and how are they set up.
Pull out your LLC, LLC operating agreement, Will and/or Trust. If you died today, what would happen to your assets?
For example, you died today. Your Will leaves your assets to ??????. The will has to go through Probate and takes a year. In the meantime, the bank is foreclosing on your property's because your beneficiary can't pay the expenses and the P/I. You have money in the bank but since you didn't set it up under a TOD to the beneficiary and had a Will that has to go through Probate versus a Trust which could have given them immediate Legal access, all of your hard work not only goes down the drain, but you have tied up your Beneficiary into a legal mess.
You want to talk with a Trust Attorney and not your normal Attorney.
good info
