Posted by Jason Jones on November 18, 2003 at 15:12:22:
Hi Katharine, Give me a call at 800-508-1872 x3201 if you still need answers to your questions. Thanks, Jason
Another LLC question… - Posted by Katharine
Posted by Katharine on November 18, 2003 at 01:08:14:
Hi, I am interested in forming a LLC for my single family rental house and duplex but still have some unaswered questions (I am still kind of new to this). Does anyone know the answers to these…
1.) Will a LLC seperate myself from the rental properties? For example, if a tentant tried to sue me it wouln’t effect my personal house, etc. Would the tentant have to sue the LLC or ??? If you can sue the LLC would I stand to loose all the properties held in the LLC or ?? If someone were to sue me personally would the properties in the LLC be considered “mine” (basically it would it even be considered that I owned these properties)?
2.) How do I transfer the name on the deeds/mortgage of the property to the name of the LLC? Can I even do that now that I hold both properties in my name?
3.) How much does it usually cost to set up a LLC?
4.) If I want to buy more rental property in the future can I get a new loan with the mortgage co. considering the holdings in the LLC or will I still personally have to put my name, income, etc. on the loan as well?
5.) Has anyone ever used a land trust with a LLC to protect their privacy? I am interested in this because I do not want my name publically available that I own properties. Can the land trust be to the LLC?
I know I still need to talk to a lawyer but I am just trying to get a better understanding of how this works. I would appreciate any info. Does anyone know of any good books/websites to read about forming a LLC? Thanks in advance, Katharine in Oregon