I have done as much research as I can and found show 109 great. But I am still unsure about what to do regarding setting up of an LLC. I just wondered if anybody could point me in the right direction?
I have two rentals in my own name, I want the protection of an LLC. My concern is that if I suddenly put these two properties into an LLC it is clear to anybody that they originated from me and I am the owner. Should I still go a head with this?
I know if I set up an LLC then all properties should be offered on with the LLC name and not mine to keep things private. If I go ahead and set up my LLC and then add these two rentals and others later on, is this just undoing all the hard work of trying to keep things private?
Do I also need to have multiple LLC's to be completely secure? I want one LLC which will be my company name that I can keep ideally.
Any help would be appreciated.
You really need to search the forums and read the 100,000 threads that continue to debate this topic.
Why don't you look into setting up a land trust? A real estate attorney can set it up for you. The land trust can put you as the beneficiary but you will set up a Trustee. No one will ever know who the beneficiary is. (The privacy) You can set up the LLC to be the beneficiary and enjoy the tax benefits. Here in Orlando our lawyer is the trustee and the owner's name will look something like this: Real Estate Attorney; as trustee of the 123 Main St. Land Trust. Your attorney will keep your information private from everyone including the government.
Hey @Nick Lee
@Christian Marin gives some great advice, that's a great way to go.
This podcast should be very helpful for you as well, it's all about entity structuring and protecting yourself:
Thanks for your input guys.
I think it all comes down to speak to an attorney. Does seem to be some conflicting advice in the forum posts on this.
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