Posted by Rich-CA on June 24, 2007 at 08:20:12:
I think most laws require that at least one member of an LLC use their real name. What you might do is set up the LLC in a state that does not reveal its members, such as Wyoming, for ownership and then use you existing LLC as an “operating company”, under contract with the out of state owner to handle renting and so on. Don’t use Nevada - the names of members are public record so the privacy they advertise is not real.
Keeping My Purchase Private - Posted by Joseph
Posted by Joseph on June 23, 2007 at 11:47:04:
I am buying a single family residential property to be used as a rental. I’ll be buying it cash, so there is no lender involved. (Both the property and I are located in Florida, if it matters).
I want to keep my business mine and not enable anyone and everyone to know I own a particular property. How is this best done? Instead of putting my name on title, do I use an LLC? A trust? Any advice is appreciated.
In addition to privacy concerns, what about asset protection? Are they one and the same, and can both issues be addressed when buying? Thank you.
Re: Keeping My Purchase Private - Posted by John Merchant
Posted by John Merchant on June 24, 2007 at 12:04:28:
This is why so many LLCs, in lots of states, are established by a co. or Corporation Co. or lawyer working for you.
Then it’s their name on the public records and not the real owner of the LLC.
If you decide to go that route, shop around as there are LLC forming co’s that charge from a little to a lot for this service, and same with lawyers.
Probably you’ll be able to find that lawyer who’s wanting business who’ll do it for less.
Re: Keeping My Purchase Private - Posted by Rich-CA
Posted by Rich-CA on June 23, 2007 at 18:51:52:
Any name but yours on the Title will keep your name from being associated with a public records search, but you would want to purchase directly into the LLC or Trust and not take Title i your name at all.
You may want to check to see if the member’s names of an LLC are part of the public record because they can track it back to you that way as well. (from Co to Property Records)
Re: Keeping My Purchase Private - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on July 11, 2007 at 13:44:31:
It’s really no big deal to maintain privacy of property ownership. Most active investors that I know use a Title Holding Trust (which is easy and cheap to set up) along with a third party LLC, Corp or individual to act as trustee of the XXXX trust.
So, you don’t have to maintain the entity yourself, and can whip up a THT for each individual property or for all properties and build a easy-to-maintain system for all of your portfolio or short term investment properties.
I happen to use a dedicated Sub-S Corp. for this purpose however the dedicated researcher could probably connect the dots with not much trouble.
Not familiar with THT’s? Consider taking Ward Hanigan’s one day course (foreclosureforum.com training)
or Jack Shea / Jack Miller
or Bill Bronchick (I haven’t seen his course but others have whose opinions I respect).
Re: Keeping My Purchase Private - Posted by Joseph
Posted by Joseph on June 24, 2007 at 02:42:53:
Thanks for the reply, Rich. I have an existing LLC with myself as the sole member. So can I assume this won’t work? Since buying property under this LLC will reveal my identity with a little digging around by anyone who was interested. Should I just then set up a new LLC using someone else’s name? A fictitious name?
Also, is there any advantage to an LLC versus a trust?
Thank you again.