Hello! I have a current LLC which I used for my other investments and contracts-digital property. I had kept the real estate investments not in an LLC which I now want to change. I was planning on adding my current properties to my current LLC as the operating statement is open enough to do that. However, I now have a concern.
A former person I had contracted with in my digital/web business was involved in some sketchy nonsense. I was not involved and even sued him for lack of payment for our services. My concern is if later on he is ever convicted ( the guy was seriously running a ponzi scheme) or tries to sue me, if my properties would then be at risk. I am not sure if I can dissolve the previous component of my LLC and be allowed to keep the name etc.
My current business attorney is in NY, my Maryland attorney is an Estate attorney and useless in this area Obviously I need a business & investor attorney in Maryland ( where I reside) and VA and WV ( where I am also looking to re-invest).
My questions are this: 1. referrals
2. Should I just place my current properties in my current LLC or form a new one ( I was kind attached to the name hahah)
Appreciate your experience and insight!!
I have used both William Wantz and Russ Robinson here in Hagerstown. They are both knowledgeable in real estate law and LLC formations.
I would think that it would be best to hold the real estate investments in a separate LLC (you can always chose a variation of your current LLC name). I actually hold each property in a separate LLC for liability protection. But the lawyers can answer these questions best.
@Beth L. Excellent input thank you!!! Yes I after I wrote that I started to file for a new one, just seems safer period! I appreciate any and all referrals in this area. Do you know if either William Wantz or Russ Robinson handle properties in WV or VA? I am actively looking in those areas also. I appreciate your help!
@Marylyn B. No I don't know if they also cover WV or VA. But you can always ask them and if not, I'm sure that they can refer someone.
My pleasure. Have fun with your new ventures. I'm sure that we'll hear about them here on BP. :-) See you around.
@Marylyn B. it was nice chatting last night! I used Rich Vieira for mine in Maryland but you may want to check with Dave Pill at Pill & Pill in Martinsburg for the WV specific questions. Hope this helps!
@Mike Webb hey thanks for the referral!! I really appreciate it! Great talking with you too!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.