[Shadowfax]

[quote=Casca] I have nothing in common with the man, except that I too have spent years in the political gutter that is Chicago, and know what one finds there… raw opportunism, but that has been his trajectory since his arrival in Hawaii as a teenager, and entry into the halls of privilege.[/quote]

A sweeping generalization about a stranger, who has the courage to open up his entire life to the public eye. Who has devoted much time and effort to public service. How can you be so arrogant as to think you know what someone’s “trajectory” since being a teenager could possibly be? You are accusing him of guilt by association–for the same crime you confess to have committed–being involved in politics in Chicago. Unless you spent time getting to know any person, you cannot possibly have any insight into what their motivations are. It is equally possible that he got involved in Chicago politics as a youthful, idealistic black man to “make a difference” in one of the most poverty-striken, racially divided areas of the country?

[Shadowfax]

[quote=Casca] I have nothing in common with the man, except that I too have spent years in the political gutter that is Chicago, and know what one finds there… raw opportunism, but that has been his trajectory since his arrival in Hawaii as a teenager, and entry into the halls of privilege.[/quote]

A sweeping generalization about a stranger, who has the courage to open up his entire life to the public eye. Who has devoted much time and effort to public service. How can you be so arrogant as to think you know what someone’s “trajectory” since being a teenager could possibly be? You are accusing him of guilt by association–for the same crime you confess to have committed–being involved in politics in Chicago. Unless you spent time getting to know any person, you cannot possibly have any insight into what their motivations are. It is equally possible that he got involved in Chicago politics as a youthful, idealistic black man to “make a difference” in one of the most poverty-striken, racially divided areas of the country?

[Shadowfax]

[quote=Casca] I have nothing in common with the man, except that I too have spent years in the political gutter that is Chicago, and know what one finds there… raw opportunism, but that has been his trajectory since his arrival in Hawaii as a teenager, and entry into the halls of privilege.[/quote]

A sweeping generalization about a stranger, who has the courage to open up his entire life to the public eye. Who has devoted much time and effort to public service. How can you be so arrogant as to think you know what someone’s “trajectory” since being a teenager could possibly be? You are accusing him of guilt by association–for the same crime you confess to have committed–being involved in politics in Chicago. Unless you spent time getting to know any person, you cannot possibly have any insight into what their motivations are. It is equally possible that he got involved in Chicago politics as a youthful, idealistic black man to “make a difference” in one of the most poverty-striken, racially divided areas of the country?

[Shadowfax]

[quote=Casca] I have nothing in common with the man, except that I too have spent years in the political gutter that is Chicago, and know what one finds there… raw opportunism, but that has been his trajectory since his arrival in Hawaii as a teenager, and entry into the halls of privilege.[/quote]

A sweeping generalization about a stranger, who has the courage to open up his entire life to the public eye. Who has devoted much time and effort to public service. How can you be so arrogant as to think you know what someone’s “trajectory” since being a teenager could possibly be? You are accusing him of guilt by association–for the same crime you confess to have committed–being involved in politics in Chicago. Unless you spent time getting to know any person, you cannot possibly have any insight into what their motivations are. It is equally possible that he got involved in Chicago politics as a youthful, idealistic black man to “make a difference” in one of the most poverty-striken, racially divided areas of the country?

[Shadowfax]

While I understand the business-centric approach of Nevada and there are fewer taxes/fees in Nevada, the downside of the Nevada LLC is that you still have to pay the $800 to CA if the property is here–so why pay twice? You don’t get out of the CA legal system since CA will have jurisdiction over any claims with regard to the CA-located property. They may look at NV law re the entity itself, but most likely all the other matters will be governed by CA law anyway.

And if you take the “serial LLC” route, you should definitely not comingle the funds from each property–set up separate bank accounts and books for each LLC/property.

[Shadowfax]

While I understand the business-centric approach of Nevada and there are fewer taxes/fees in Nevada, the downside of the Nevada LLC is that you still have to pay the $800 to CA if the property is here–so why pay twice? You don’t get out of the CA legal system since CA will have jurisdiction over any claims with regard to the CA-located property. They may look at NV law re the entity itself, but most likely all the other matters will be governed by CA law anyway.

And if you take the “serial LLC” route, you should definitely not comingle the funds from each property–set up separate bank accounts and books for each LLC/property.

[Shadowfax]

While I understand the business-centric approach of Nevada and there are fewer taxes/fees in Nevada, the downside of the Nevada LLC is that you still have to pay the $800 to CA if the property is here–so why pay twice? You don’t get out of the CA legal system since CA will have jurisdiction over any claims with regard to the CA-located property. They may look at NV law re the entity itself, but most likely all the other matters will be governed by CA law anyway.

And if you take the “serial LLC” route, you should definitely not comingle the funds from each property–set up separate bank accounts and books for each LLC/property.

[Shadowfax]

While I understand the business-centric approach of Nevada and there are fewer taxes/fees in Nevada, the downside of the Nevada LLC is that you still have to pay the $800 to CA if the property is here–so why pay twice? You don’t get out of the CA legal system since CA will have jurisdiction over any claims with regard to the CA-located property. They may look at NV law re the entity itself, but most likely all the other matters will be governed by CA law anyway.

And if you take the “serial LLC” route, you should definitely not comingle the funds from each property–set up separate bank accounts and books for each LLC/property.

[Shadowfax]

While I understand the business-centric approach of Nevada and there are fewer taxes/fees in Nevada, the downside of the Nevada LLC is that you still have to pay the $800 to CA if the property is here–so why pay twice? You don’t get out of the CA legal system since CA will have jurisdiction over any claims with regard to the CA-located property. They may look at NV law re the entity itself, but most likely all the other matters will be governed by CA law anyway.

And if you take the “serial LLC” route, you should definitely not comingle the funds from each property–set up separate bank accounts and books for each LLC/property.

[Shadowfax]

[quote=Casca]Ah, now you show your colors.[/quote]

There you go again with the “colors” bit. Playing the devisive (racist) card again–black/white, red/blue, who cares? All I want is to see this country come back to a place I can be proud of, that isn’t hemorrhaging debt on wars, bailouts and corporate welfare. Where people have integrity and get ahead through innovation and hard work, not insider privileges, lying, cheating and stealing. And where we, as a country, are not slaves to the oil sheiks who are pumping oil for the bloated US consumption market (gotta have that 3 mpg Hummer!) with one hand while holding a knife in the other, waiting to slip it in our backs? Does that have enough “color” for you?

Damn, I promised myself I wouldn’t be baited again, but someone’s got to call you out for being the ‘tard you are.

[Shadowfax]

[quote=Casca]Ah, now you show your colors.[/quote]

There you go again with the “colors” bit. Playing the devisive (racist) card again–black/white, red/blue, who cares? All I want is to see this country come back to a place I can be proud of, that isn’t hemorrhaging debt on wars, bailouts and corporate welfare. Where people have integrity and get ahead through innovation and hard work, not insider privileges, lying, cheating and stealing. And where we, as a country, are not slaves to the oil sheiks who are pumping oil for the bloated US consumption market (gotta have that 3 mpg Hummer!) with one hand while holding a knife in the other, waiting to slip it in our backs? Does that have enough “color” for you?

Damn, I promised myself I wouldn’t be baited again, but someone’s got to call you out for being the ‘tard you are.

[Shadowfax]

[quote=Casca]Ah, now you show your colors.[/quote]

There you go again with the “colors” bit. Playing the devisive (racist) card again–black/white, red/blue, who cares? All I want is to see this country come back to a place I can be proud of, that isn’t hemorrhaging debt on wars, bailouts and corporate welfare. Where people have integrity and get ahead through innovation and hard work, not insider privileges, lying, cheating and stealing. And where we, as a country, are not slaves to the oil sheiks who are pumping oil for the bloated US consumption market (gotta have that 3 mpg Hummer!) with one hand while holding a knife in the other, waiting to slip it in our backs? Does that have enough “color” for you?

Damn, I promised myself I wouldn’t be baited again, but someone’s got to call you out for being the ‘tard you are.

[Shadowfax]

[quote=Casca]Ah, now you show your colors.[/quote]

There you go again with the “colors” bit. Playing the devisive (racist) card again–black/white, red/blue, who cares? All I want is to see this country come back to a place I can be proud of, that isn’t hemorrhaging debt on wars, bailouts and corporate welfare. Where people have integrity and get ahead through innovation and hard work, not insider privileges, lying, cheating and stealing. And where we, as a country, are not slaves to the oil sheiks who are pumping oil for the bloated US consumption market (gotta have that 3 mpg Hummer!) with one hand while holding a knife in the other, waiting to slip it in our backs? Does that have enough “color” for you?

Damn, I promised myself I wouldn’t be baited again, but someone’s got to call you out for being the ‘tard you are.

[Shadowfax]

[quote=Casca]Ah, now you show your colors.[/quote]

There you go again with the “colors” bit. Playing the devisive (racist) card again–black/white, red/blue, who cares? All I want is to see this country come back to a place I can be proud of, that isn’t hemorrhaging debt on wars, bailouts and corporate welfare. Where people have integrity and get ahead through innovation and hard work, not insider privileges, lying, cheating and stealing. And where we, as a country, are not slaves to the oil sheiks who are pumping oil for the bloated US consumption market (gotta have that 3 mpg Hummer!) with one hand while holding a knife in the other, waiting to slip it in our backs? Does that have enough “color” for you?

Damn, I promised myself I wouldn’t be baited again, but someone’s got to call you out for being the ‘tard you are.

[Shadowfax]

NOT GIVING LEGAL ADVICE, but…..

Most of what people have posted on here is correct. If you own more than just your own home in real estate–especially an investment property–you’d do well to put it in an LLC. LLCs are like corporations but with less “maintenance” and single-member LLCs are pretty easy and simple to form. They are designed to give the liability protection of a corporation but the tax treatment of a partnership. Nolo is a great do it yourself source, but if you are getting into large investment amounts, you should heed the advice to use a lawyer.

If you are investing with others, a lawyer will be essential as there are very tricky provisions that will need to be carefully thought out for tax purposes. Typically you form an LLC, get the loan (typically with personal guarantees from the members). You can also deed property you already own into an LLC but you’ll probably need to get consent of the bank for any already outstanding loans.

LLCs require very little record keeping (unlike corporations), there is no “corporate veil” aspect, and the taxation is flow-through. Single member LLCs can elect to be “disregarded entities” and piggyback on the individual. Nor do you have to have any actual employees–so you don’t have to pay payroll unless you do actually hire people through the business. Be careful in this area as well as “independent contractors” who look, smell and sound like employees will be deemed so and then you will have to treat them as such.

CA will soak you for $800 a year and you will still want to get insurance, etc for the property.
The benefit of having an LLC own the property is that any claims are limited to the investment and profits of the LLC. If that amounts to $50K,then that is all the plaintiff gets. They can’t go after your personal assets. Some investors even put each investment property into its own, separate LLC so that the liabilities of one property cannot be levied against the other(s).

Obviously there are lots of things to consider, so consult a lawyer if your situation warrants it.

Good luck!

[Author]

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