L1 filing requirement for assets above $1M

[Sushil Sureka]

Hi

So me and my partner have now rental property that is worth above > $1M. Since all of them has mortgage behind them, our net equity is much much less - 20% or so. But I suppose we are still required to file a balance sheet. Is that a correct understanding.

Also what if we just split the properties in three different LLC, will the requirement go away or there is some clause to not allow for that.

Sushil