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I have an LLC. Now what?
So the wife and I decided to start an LLC for purposes of shielding our identities (although I know it's not perfect) and limiting potential legal action. My question is the properties that we own are in our names. Do we have to transfer ownership to the LLC? For future property purchases are they made through the LLC? Thanks!
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Thomas S.
#2 General Landlording & Rental Properties Contributor
#2 General Landlording & Rental Properties Contributor
You will need to contact your bank in regards to finding out if there is a due on sale clause. If so you will need to get a commercial mortgage on the properties.
You will have higher operating costs as a result but will not likely get any additional protection than you already have.
Depending on who it is you are hiding from there may be easier and less expensive ways to go.