Keep my LLC?

[Scott Meredith]

I am moving out of my primary residence (mortgage and title in my name) to make it my first rental. I set up my LLC (two member my wife and I) a year and a half ago with the ideas of creating a great vast portfolio of rentals, well that is not going as well as planned, and my wife has finally persuaded me to use our capital to open a restaurant for her. In California it is $800 a year for the LLC and I pay about $250 for the tax prep each year for it. I will be renting my next residence. I have heard many strategies to help avoid being sued and to protect assets.

The most "protected" way I have heard to have anonymity and asset protection is to move the property into a land trust (avoiding due on sale) with the beneficiary as the LLC, with plenty of insurance. My plan is to do this, or simply dissolve the LLC and take it out of the above scenario.

Any advice is greatly appreciated.

[Wayne Brooks]

The fact that it Was already in your name, takes away most of the anonymity "benefit". I could find it in about 2 minutes if I'm researching you. My opinion is that the whole LLC protection thing is a bit overblown, but opinions vary. Get good insurance, sleep well.