Posted by William Bronchick on March 01, 2002 at 07:35:57:
The fact that a paper trail is behind you is something you can’t change. It’s still better than being in your name. The LLC will give you protection, but the fact that you used to own it may give a creditor a clue. Even still, the creditor has an ADDITIONAL step, which is to try to unravel your artwork.
The single member LLC is tax-neutral, which means the sale of the property is taxable to you.
Question for William bronchick - Posted by Betty
Posted by Betty on February 28, 2002 at 11:49:18:
I’m going to order your"How to form your own LLC" course in a few days.I also have a few questions I would like to ask you if you have time.I have 17 SFR in my name and would like to get some asset protection and LLC looks like a good way to go.My first question is since I orginal took title in my name there is a paper trail ( mortgages recorded at courthouse,etc ) should I sill put properties in a trust before I put each one in a LLC.Any lawyer can punch up my name and it will show I own these rentals with or without a trust.Second question, some of my rentals I L/O to my tenants.What happens if they exercise there option an I have it in a LLC.My LLC would be a single member.