Getting Homeowner’s insurance policy for LLC?

[earlyretirement]

Deleted as it posted twice.

[earlyretirement]

Thanks Kingside for your perspective but it sounds like your advice is geared more towards people that have debt or plan to have debt or hiding, etc. Those things don’t apply to me.

Obviously I’ll have plenty of umbrella coverage as well. Heck, I’ve never had any problems at all with lawsuits (and don’t plan to 🙂 ) but just doing this on the advice of an attorney.

Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

Thanks guys for your comments.

[earlyretirement]

Thanks Kingside for your perspective but it sounds like your advice is geared more towards people that have debt or plan to have debt or hiding, etc. Those things don’t apply to me.

Obviously I’ll have plenty of umbrella coverage as well. Heck, I’ve never had any problems at all with lawsuits (and don’t plan to 🙂 ) but just doing this on the advice of an attorney.

Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

Thanks guys for your comments.

[earlyretirement]

Thanks Kingside for your perspective but it sounds like your advice is geared more towards people that have debt or plan to have debt or hiding, etc. Those things don’t apply to me.

Obviously I’ll have plenty of umbrella coverage as well. Heck, I’ve never had any problems at all with lawsuits (and don’t plan to 🙂 ) but just doing this on the advice of an attorney.

Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

Thanks guys for your comments.

[earlyretirement]

Thanks Kingside for your perspective but it sounds like your advice is geared more towards people that have debt or plan to have debt or hiding, etc. Those things don’t apply to me.

Obviously I’ll have plenty of umbrella coverage as well. Heck, I’ve never had any problems at all with lawsuits (and don’t plan to 🙂 ) but just doing this on the advice of an attorney.

Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

Thanks guys for your comments.

[earlyretirement]

Thanks Kingside for your perspective but it sounds like your advice is geared more towards people that have debt or plan to have debt or hiding, etc. Those things don’t apply to me.

Obviously I’ll have plenty of umbrella coverage as well. Heck, I’ve never had any problems at all with lawsuits (and don’t plan to 🙂 ) but just doing this on the advice of an attorney.

Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

Thanks guys for your comments.

[earlyretirement]

[quote=Fearful]Good … it might be worth asking Franchise Tax Board whether the LLC needs to be licensed in California. Their bias is going to be toward “yes, of course, now pay the $800” but they might give you some insight.

I think a previous poster alluded to this, but it occurred to me that you (the tenant) could get insurance on the contents, and the LLC could get insurance on the building. Two separate policies.[/quote]

Hi Fearful,

Yeah, maybe I’ll do that as well but I can’t imagine scenarios where the California Franchise tax board will say, “you don’t need to pay us” even if the answer really is me not needing to legally pay them that annual fee/tax. That’s why I consulted the attorneys but for kicks and giggles I might go ahead and call them.

I already have set up other California LLCs with this planned move and having to pay the $800 a year Franchise Tax fee.. 🙁

[earlyretirement]

[quote=Fearful]Good … it might be worth asking Franchise Tax Board whether the LLC needs to be licensed in California. Their bias is going to be toward “yes, of course, now pay the $800” but they might give you some insight.

I think a previous poster alluded to this, but it occurred to me that you (the tenant) could get insurance on the contents, and the LLC could get insurance on the building. Two separate policies.[/quote]

Hi Fearful,

Yeah, maybe I’ll do that as well but I can’t imagine scenarios where the California Franchise tax board will say, “you don’t need to pay us” even if the answer really is me not needing to legally pay them that annual fee/tax. That’s why I consulted the attorneys but for kicks and giggles I might go ahead and call them.

I already have set up other California LLCs with this planned move and having to pay the $800 a year Franchise Tax fee.. 🙁

[earlyretirement]

[quote=Fearful]Good … it might be worth asking Franchise Tax Board whether the LLC needs to be licensed in California. Their bias is going to be toward “yes, of course, now pay the $800” but they might give you some insight.

I think a previous poster alluded to this, but it occurred to me that you (the tenant) could get insurance on the contents, and the LLC could get insurance on the building. Two separate policies.[/quote]

Hi Fearful,

Yeah, maybe I’ll do that as well but I can’t imagine scenarios where the California Franchise tax board will say, “you don’t need to pay us” even if the answer really is me not needing to legally pay them that annual fee/tax. That’s why I consulted the attorneys but for kicks and giggles I might go ahead and call them.

I already have set up other California LLCs with this planned move and having to pay the $800 a year Franchise Tax fee.. 🙁

[earlyretirement]

[quote=Fearful]Good … it might be worth asking Franchise Tax Board whether the LLC needs to be licensed in California. Their bias is going to be toward “yes, of course, now pay the $800” but they might give you some insight.

I think a previous poster alluded to this, but it occurred to me that you (the tenant) could get insurance on the contents, and the LLC could get insurance on the building. Two separate policies.[/quote]

Hi Fearful,

Yeah, maybe I’ll do that as well but I can’t imagine scenarios where the California Franchise tax board will say, “you don’t need to pay us” even if the answer really is me not needing to legally pay them that annual fee/tax. That’s why I consulted the attorneys but for kicks and giggles I might go ahead and call them.

I already have set up other California LLCs with this planned move and having to pay the $800 a year Franchise Tax fee.. 🙁

[earlyretirement]

[quote=Fearful]Good … it might be worth asking Franchise Tax Board whether the LLC needs to be licensed in California. Their bias is going to be toward “yes, of course, now pay the $800” but they might give you some insight.

I think a previous poster alluded to this, but it occurred to me that you (the tenant) could get insurance on the contents, and the LLC could get insurance on the building. Two separate policies.[/quote]

Hi Fearful,

Yeah, maybe I’ll do that as well but I can’t imagine scenarios where the California Franchise tax board will say, “you don’t need to pay us” even if the answer really is me not needing to legally pay them that annual fee/tax. That’s why I consulted the attorneys but for kicks and giggles I might go ahead and call them.

I already have set up other California LLCs with this planned move and having to pay the $800 a year Franchise Tax fee.. 🙁

[SK in CV]

[quote=earlyretirement]
Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

[/quote]

Sorry, I really don’t want to harp on this, but can you explain exactly how it provides any protection at all?

Also, you made mention of paperwork which documents some kind of rental agreement between you and the LLC. If you are actually paying rent to the LLC, you got bad advice with regards to registration in California. Collection of rent IS doing business.

[SK in CV]

[quote=earlyretirement]
Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

[/quote]

Sorry, I really don’t want to harp on this, but can you explain exactly how it provides any protection at all?

Also, you made mention of paperwork which documents some kind of rental agreement between you and the LLC. If you are actually paying rent to the LLC, you got bad advice with regards to registration in California. Collection of rent IS doing business.

[SK in CV]

[quote=earlyretirement]
Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

[/quote]

Sorry, I really don’t want to harp on this, but can you explain exactly how it provides any protection at all?

Also, you made mention of paperwork which documents some kind of rental agreement between you and the LLC. If you are actually paying rent to the LLC, you got bad advice with regards to registration in California. Collection of rent IS doing business.

[SK in CV]

[quote=earlyretirement]
Definitely I understand that having a property under an LLC doesn’t prevent lawsuits. But it still sounds like it’s a good vehicle if set up properly under the guidance of an experienced asset protection and estate planning attorney.

[/quote]

Sorry, I really don’t want to harp on this, but can you explain exactly how it provides any protection at all?

Also, you made mention of paperwork which documents some kind of rental agreement between you and the LLC. If you are actually paying rent to the LLC, you got bad advice with regards to registration in California. Collection of rent IS doing business.

[Author]

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