Posted by Bill H on March 17, 2009 at 15:50:47:
Glad you found a satisfactory answer. How-To-Articles are great for solving problems.
I have NEVER had a title company or anyone else tell what was the best way to take title.
My experience has always been that whatever was BEST for my circumstances was the correct way to take title.
What is a better approach - Posted by JackSteel
Posted by JackSteel on March 14, 2009 at 12:59:55:
Is it advisable to buy a commercial real estate property under an entity i.e LLC or under the buyer’s name? what are the legal and financial ramifications. Any help would be awesome.
Thanks in advance
JS
This has been thoroughly covered here - Posted by Rich-CA
Posted by Rich-CA on March 14, 2009 at 16:19:46:
so you may want to search the archives for “LLC” or some such.
Re: This has been thoroughly covered here - Posted by JackSteel
Posted by JackSteel on March 15, 2009 at 17:11:52:
Good idea I will continue searching the archives. Before I posted, I searched the archive on the keyword â??LLCâ?? which returned 350+ pages. On page 34 I gave up and posted. I will continue the search however it would be a great idea for the experts on this panel to write a comprehensive article on this subject that will help the seekers. This seems to be a popular topic for many newbie investors. For instance Ray Alcorn on the commercial panel has written many good articles to cover the basics and more. It has saved me lots of time searching. After all a search is as good as the keyword used, itâ??s a hit or a miss. For instance if someone was going to fully answer me on my initial post under the topic â??what is a better approachâ?? and years later someone else asked the same question, they would have a rare chance to find the answer to my post. Just a food for thought.
Thanks,
JS
You might also try Nolo Press - Posted by Rich-CA
Posted by Rich-CA on March 16, 2009 at 16:54:16:
as they have an excellent publication on LLCs and I think there might be a free article on their website comparing the different kinds of companies. Their LLC Maker software will generate state specific forms and tell you how to submit them and where.
Re: This has been thoroughly covered here - Posted by Bill H
Posted by Bill H on March 15, 2009 at 18:18:19:
JS:
No-one here can tell you which way to go. It all depends on your circumstances.
For instance a one member LLC (you and your wife count at one) can easily be pierced according to the recent Colorado case…so what protection do you have?
A Title Holding Trust or Land Trust will give you no legal protection, only some form of anonomity.
Yes, there will be others who will respond and say a LLC will do this and do that. Lots of what it will and will not do depend on circumstances and the judge’s interpretation of the case.
So, albeit a long search, the most info can be gleaned from a search of the archives. try different search criteria, visit other boards and search.
Yes, Ray writes some excellent articles. However; there is a lot of difference in explaning cap rates and telling how to hold title.
Good Luck,
Bill H
Re: This has been thoroughly covered here - Posted by JackSteel
Posted by JackSteel on March 15, 2009 at 20:29:25:
Bill-H
Your explanation gives even more reasons to have a boiler plate “how to article” that lays out the norms and leaves out the specificity to the forum for Q/A.
JS.
Re: This has been thoroughly covered here - Posted by Bill H
Posted by Bill H on March 15, 2009 at 20:52:11:
Just out of curiosity, I googled “How to fornm a limited liability corporation” and got 2,490,000 hits in 0.19 seconds.
Try that.
Re: This has been thoroughly covered here - Posted by JackSteel
Posted by JackSteel on March 15, 2009 at 20:55:18:
Ahah!! that explains the miss communication. If you look at my original post, it never said “Please tell me how to form a LLC”, I asked what is the better way of holding the title.
JS
Re: This has been thoroughly covered here - Posted by Bill H
Posted by Bill H on March 16, 2009 at 24:14:59:
No mis-communication, in my first reply I said it depended on YOUR circumstances.
Just for curosity I googled “How to hold title to real estate” and got 2,249,000 in 0.21 seconds.
One that might interest you is …How should you hold title to real estate or your business? – John T. Reed…
Read that.
The question you are asking does not have a simplistic answer and no one here can give a simple answer. They do not know you, your assets, your martial status, your state statutes, and do not give legal advice, etc…so again I say how you hold title, in what form or format, will depend entirely on your circumstances.
Re: This has been thoroughly covered here - Posted by JackSteel
Posted by JackSteel on March 16, 2009 at 11:00:44:
Bill-H, thanks for all your google effort, I found my answer from another board in one post. There is no need to continue this thread of conversation, it seems that you don’t understand my point about how to articles. If we were to find all information by googling and going thru pile of search result then why do they have “how to article” section on this board? why not remove all the how to articles and just put a link to google? anyways thanks for trying…