All Forum Posts by: Jay Y.

Well my asset attorney got back with me and he recommends setting up a separate entity. I'm sure part of the reason is so he can earn some business but I suppose there's nothing wrong with being extra cautious either.

He did bring up the same point of keeping the bank accounts separately.

Well, I do see the advantages of creating a separate entity for the new apartment building which may be 18 units when it comes time to sell. But in my case, the LLC I currently have setup does not hold any properties but is merely the beneficiary of some single family houses.

For a legal perspective if I use my existing LLC for the new apartment and someone sues the LLC, would they be able to sue for the single family houses as well?

I assume if I create a new LLC, all the profit from the apartment can be put into the same account for the first LLC?

Thanks again!

Hi all,

I'm looking to purchase a small apartment building and was wonder if I should create a new entity to deed it into or should I simply use an existing one? I currently own a couple single family homes and they are deeded into a land trust and the beneficiary is my LLC. I'm wanting advice is to whether I should use my existing LLC or create a new one.

Thanks so much!