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Archive for the ‘Asset Protection’ Category

Landlords & LLCs – Why You Should Create One

Posted by Jeremy Shorts on December 31, 2009

Opening Disclaimer & Warning

In this post I discuss the benefits of setting up a business entity which will hold title to rental properties and rental contracts.  There are clear benefits for doing so, but it is absolutely critical  to have the help of a professional as you work through these issues.  If these transfers are not done properly, you can create significant problems.  For example, by transferring title to a property into your LLC you can void your title insurance policy and/or cause your mortgage to go into default.  These issues can be worked through, but it is important that you have an attorney handle these critical aspects to ensure that additional problems do not arise.

Should You Set Up An LLC?

Many landlords are curious about whether they should set up an LLC (or another business entity) to hold their rental properties.  There are a few significant reasons why I always encourage clients with rental properties to do this.

Lawsuits & Liabilities

Any accidents or injuries suffered by your tenants or their guests create potential liability for the Read the rest of this entry »

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Attorneys are Expensive?!?

Posted by Jeremy Shorts on December 11, 2009

Some things should simply NOT be in the “do-it-yourself” category.  There’s a reason I pay an accountant to do my taxes.  I could try to figure it out on my own, but he’s better at it, and I can rely on his accuracy to claim all my deductions, navigate potential problems, and avoid penalties.  Although I may be biased, handling some legal issues should not be in a “do-it-yourself” category.

I like to ask clients “What are the downsides to having an attorney help you through this situation?”  After a few lawyer jokes (including one or two from me), they almost always Read the rest of this entry »

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