All Forum Posts by: Robert Warner

Thanks, Sam, Conner  Good points!  Much appreciated. Yes, Mrs. Jones may have no case. In my situation, that is what is most likely for sure. However, I always look at insurance (or LLCs) as a security measure, and in the world of security, I think the best point of view is to assume the worst IS going to happen. Conner - everything is owned free and clear. Good chunk of net worth there; RE has gone up enormously in recent years as you know. I'm hoping a high level of liability insurance is good. But I'm willing to be talked out of that viewpoint if someone were to show me that multiple LLCs (so only ONE can be destroyed if things go south) are necessary, that high liability insurance is NOT enough protection.

Hi,

I've been looking into this. A number of duplexes in Florida. I could do LLC for each one (annual fees are minimal in Florida) or I could group properties. It would be multiple person LLCs -- so they cannot be pierced unless I am negligent, which I am definitely not. But I'm more concerned just about the hassle of having to keep finances separate for every LLC. As I understand it, this is a very key legal point. Each LLC must be a contained financial entity -- any looseness and other entities and individuals can be gone after.

 As things are now, I can get any repairs or remodels needed, for any property, and just pay whoever out of a single checkbook/credit card. I would rather not have multiple checking accounts, multiple business entities.  But...do I need to?  My only concern really is Mrs. Jones falls down the stairs. I do have some liability insurance currently, but I'm hoping that I could just have a high level of liability insurance, $5 million or so, and that would give me the protection I need without changing my current, simple, operating basis.  Appreciate any comments.