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Viewing 15 posts - 76 through 90 (of 116 total)
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  • May 30, 2011 at 11:18 AM #701153
    SK in CV
    Participant

    [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.

    May 31, 2011 at 9:23 PM #700266
    moneymaker
    Participant

    Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.

    May 31, 2011 at 9:23 PM #700363
    moneymaker
    Participant

    Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.

    May 31, 2011 at 9:23 PM #700952
    moneymaker
    Participant

    Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.

    May 31, 2011 at 9:23 PM #701100
    moneymaker
    Participant

    Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.

    May 31, 2011 at 9:23 PM #701459
    moneymaker
    Participant

    Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.

    June 1, 2011 at 9:43 AM #700380
    SK in CV
    Participant

    [quote=threadkiller]Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.[/quote]

    You’re probably right. But I haven’t seen any discussion here of a business license.

    June 1, 2011 at 9:43 AM #700476
    SK in CV
    Participant

    [quote=threadkiller]Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.[/quote]

    You’re probably right. But I haven’t seen any discussion here of a business license.

    June 1, 2011 at 9:43 AM #701068
    SK in CV
    Participant

    [quote=threadkiller]Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.[/quote]

    You’re probably right. But I haven’t seen any discussion here of a business license.

    June 1, 2011 at 9:43 AM #701217
    SK in CV
    Participant

    [quote=threadkiller]Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.[/quote]

    You’re probably right. But I haven’t seen any discussion here of a business license.

    June 1, 2011 at 9:43 AM #701574
    SK in CV
    Participant

    [quote=threadkiller]Just had to jump in and say I doubt every landlord has a business license. I made a u-turn in front of a bunch of apartments today, did I break the law? Ok maybe it was a 3 point turn.[/quote]

    You’re probably right. But I haven’t seen any discussion here of a business license.

    June 1, 2011 at 12:53 PM #700429
    sdduuuude
    Participant

    Great post, Kingside. Rare to find a useful, straightforward answer born from experience and devoid of nonsensical political commentary these days.

    SK – I agree with you, by the way. Not sure how the LLC protects the house at all. I guess if something happens to a guest of the house such that the owner, not renter, gets sued, it would offer some protection to the other assets belonging to the owner of the LLC. Still, the house could get taken from the LLC.

    But, given Kingside’s insight, is it really doing anything ?

    I always wondered if an LLC would provide protection from a property-tax basis. That is – sell the LLC to the next owner instead of selling the house and keep the property tax base the same.

    June 1, 2011 at 12:53 PM #700526
    sdduuuude
    Participant

    Great post, Kingside. Rare to find a useful, straightforward answer born from experience and devoid of nonsensical political commentary these days.

    SK – I agree with you, by the way. Not sure how the LLC protects the house at all. I guess if something happens to a guest of the house such that the owner, not renter, gets sued, it would offer some protection to the other assets belonging to the owner of the LLC. Still, the house could get taken from the LLC.

    But, given Kingside’s insight, is it really doing anything ?

    I always wondered if an LLC would provide protection from a property-tax basis. That is – sell the LLC to the next owner instead of selling the house and keep the property tax base the same.

    June 1, 2011 at 12:53 PM #701118
    sdduuuude
    Participant

    Great post, Kingside. Rare to find a useful, straightforward answer born from experience and devoid of nonsensical political commentary these days.

    SK – I agree with you, by the way. Not sure how the LLC protects the house at all. I guess if something happens to a guest of the house such that the owner, not renter, gets sued, it would offer some protection to the other assets belonging to the owner of the LLC. Still, the house could get taken from the LLC.

    But, given Kingside’s insight, is it really doing anything ?

    I always wondered if an LLC would provide protection from a property-tax basis. That is – sell the LLC to the next owner instead of selling the house and keep the property tax base the same.

    June 1, 2011 at 12:53 PM #701267
    sdduuuude
    Participant

    Great post, Kingside. Rare to find a useful, straightforward answer born from experience and devoid of nonsensical political commentary these days.

    SK – I agree with you, by the way. Not sure how the LLC protects the house at all. I guess if something happens to a guest of the house such that the owner, not renter, gets sued, it would offer some protection to the other assets belonging to the owner of the LLC. Still, the house could get taken from the LLC.

    But, given Kingside’s insight, is it really doing anything ?

    I always wondered if an LLC would provide protection from a property-tax basis. That is – sell the LLC to the next owner instead of selling the house and keep the property tax base the same.

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