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Starting LLC questions - 1 or 2 member LLC
1 or 2 members for LLC for spouses when loan/title are under both spouse names:
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Hello,
I am starting an LLC and have some general questions. I am using the LLC mainly to shield liability from the rental property from personal assets.
-The property: Duplex that we are house hacking and living in one unit while renting other side out on long term leases.
- mortgage: loan and title under my wife and I’s name
First question:
I am unsure as to start the LLC with 1 or 2 members. My wife and I both as members of the LLC solely for the purpose that the loan and title are under both of our names so when transferring this property over from personal to the LLC I am trying mainly to prevent the property from technically changing ownership and "uncapping" its value for property tax purposes.
I have been told LLC under 1 name as a single member LLC is less complex and less expensive etc preparation wise. But I would like to avoid uncapping the property value. So if there is a way I can structure the LLC under single never but also avoid a technical “change of ownership” that is my main question!
My LLC is already created and I am filing for the EIN and was held up on this 1 or 2 member step for these reasoning. I know I should consult a CPA or attorney but wanted to get input as some may have been through this. Thank you In advance!