Would it make sense to transfer property to an LLC now?

[Kumar Gaurav]

As I understand an LLC provides a convenient asset protection and security.I currently own a multi-family in my name.I am wondering if it makes sense to transfer the property to an LLC.

Thanks

[Kenneth Garrett]

@Kumar Gaurav

If your looking for asset protection then an LLC is one option. You need to make sure you don't commingle funds. Keep your personal funds separated from your business funds. There is less than 1% chance your mortgage company would find out, but you should be aware that it is always a possibility. They could call the loan due, but since you have personally guaranteed it probably will be ok either way. Take a look at Mark Kohler on YouTube. He is a CPA and attorney and has many videos regarding LLC's.