Updated over 5 years ago on . Most recent reply
Creating a separate LLC for properties and business
Hi Everyone! I have a rental property that im planning on transferring to an LLC. Im planning to grow my portfolio and have more properties under my belt, so I want to put them all under this one LLC. However, I also agreed to work with someone to manage their properties (19 units), so i would like to create an LLC to make this a business and possibly manage other peoples properties as well. Would it be smart to create an LLC for the management company and just add my properties to the LLC, or should I create a separate LLC for the management company and my portfolio?
Most Popular Reply
Separate entities for your management business and rentals. Period. I'm not even an attorney and I will stand by that statement. Make sure you get more than adequate insurance coverage for both.