Starting a LLC for rental properties, Virginia
Hello!
I'm planning on purchasing my first rental this year here around Richmond, VA.
From everything I've heard it's best to have it under an LLC to separate it from my personal finances. I also understand that some states are better to incorporate in than others.
Does anyone from VA know if this State has good protections for LLC? I know there are better states to incorporate, but I'd like to keep it fairly simple at first.
Thanks!
Dave
Most Popular Reply
It's all relative, but if you register in VA and invest in VA, it simplifies the paperwork and filing you have to do. Make sure you're properly insured and that you properly keep the LLC's finances separate from your own and that goes a long way. If you have specific concerns then definitely discuss with an attorney.
Lots of folks think they're protected with the LLC, but they're inadequately insured and can't cover liabilities they're trying to be protected from. Just make sure you're thinking about your insurance and what your coverage needs might be.