So my simple question is when you sign a lease with a tenant, do you place yourself as the "Landlord" or do you place your LLC as the landlord?
In my previous leases, I have stated my name as the Landlord, and I am realizing it's not too smart, since if (when!) there is a judgement my name would be on record - for a longtime - even though this was a business dealing and not a personal deal.
In my case, I own my properties in my name and self-manage my properties with a Single member LLC., and I am thinking of using the LLC name as the "Landlord". Then, for any judgements the LLC would be named. So, this is not about evading risk but to keep my business and personal dealings separate.
Significant liability attaches to ownership as well as management. Your LLC isn't really buying you any protection unless it owns title to the property. I manage a couple properties this way, but am under no illusion that it provides any liability benefits. It's more like a trade name and DBA for me, and a way to manage my financials.
And to answer your question, the landlord is the OWNER of the property. If you specify the LLC as the owner when it is not, then you may not have a valid lease. I list the LLC as my "property manager" and payment address.
Here is my view, the landlord is the owner of the property that is being rented out.
So if you own those properties under your name, even though the LLC is the property manager, you are the landlord.
Your current setup doesn't really keep your business and personal assets/dealings separate.
To do so, you'd need to transfer those properties to an LLC you own or create a new one for that purpose.
If there is a lawsuit, I'd imagine that your name, as the owner, would appear in the documents filled.
Just my 2 cents, I am not an attorney, nor a CPA
I own my properties under an LLC but sign my name as the landlord since I’m under the LLC. From my understanding, all my personal properties are not tied in this investment since it is owned by an LLC, not my personal name.
Anybody correct me if I am wrong please!
You are the landlord not the LLC. If you put the LLC as the landlord good luck when it comes time to evict. All you will do is complicate your life.
You are the owner, you are the landlord, sign the lease.
Thank you everyone - great insights as always.
My mgt s-corp is on record as the 'landlord' and signs the leases whether a personally-owned house or a commercial apt bld owned by one of my LLCs.
If someone has a PM it's the same way, right? If you have a regular PM, are you personally listed as the landlord or owner on the lease? No way.
My mgt s-corp is also who HUD Section 8 or CAC or other entities pay and 1099. I sign as agent of the property or Regional Manager of the mgt co and all rents have always been paid to and gone through my mgt corp.
I have no idea how or why folks would receive rents and stuff in their own name. Ugh.
The OWNER of the property!
If your property is owned by an LLC and you put yourself as the landlord you are taking on the liability that you are attempting to protect your self from in the first place
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