[SK in CV]

[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.

[SK in CV]

[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.

[SK in CV]

[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.

[SK in CV]

[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.

[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.

[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]
Actually I’d love to just buy a homeowner’s policy under my own name. The only thing I worry about is if there is some major loss like a fire, I would just want to make sure an insurance company doesn’t try to weasel out of paying because my name isn’t on the title deed. [/quote]

It wouldn’t be weaseling out of anything. You have no insurable interest. As a practical matter, you cannot insure something you don’t own.

[SK in CV]

[quote=earlyretirement]
Actually I’d love to just buy a homeowner’s policy under my own name. The only thing I worry about is if there is some major loss like a fire, I would just want to make sure an insurance company doesn’t try to weasel out of paying because my name isn’t on the title deed. [/quote]

It wouldn’t be weaseling out of anything. You have no insurable interest. As a practical matter, you cannot insure something you don’t own.

[SK in CV]

[quote=earlyretirement]
Actually I’d love to just buy a homeowner’s policy under my own name. The only thing I worry about is if there is some major loss like a fire, I would just want to make sure an insurance company doesn’t try to weasel out of paying because my name isn’t on the title deed. [/quote]

It wouldn’t be weaseling out of anything. You have no insurable interest. As a practical matter, you cannot insure something you don’t own.

[SK in CV]

[quote=earlyretirement]
Actually I’d love to just buy a homeowner’s policy under my own name. The only thing I worry about is if there is some major loss like a fire, I would just want to make sure an insurance company doesn’t try to weasel out of paying because my name isn’t on the title deed. [/quote]

It wouldn’t be weaseling out of anything. You have no insurable interest. As a practical matter, you cannot insure something you don’t own.

[SK in CV]

[quote=earlyretirement]
Actually I’d love to just buy a homeowner’s policy under my own name. The only thing I worry about is if there is some major loss like a fire, I would just want to make sure an insurance company doesn’t try to weasel out of paying because my name isn’t on the title deed. [/quote]

It wouldn’t be weaseling out of anything. You have no insurable interest. As a practical matter, you cannot insure something you don’t own.

[SK in CV]

[quote=Fearful]
– Finally, I know well about companies being created to shield the owner’s assets from liability for the company’s actions, but not the other way around. If you own a company, and creditors come after you, the company (and its assets) are part of the pool of assets the creditors come after. [/quote]

That’s a great point that I completely missed! Ownership of the home inside an LLC offers zero protection against creditors. Even worse than relatively small homeowners exemption, there is NO exemption. It would be subject to the exact same exposure to creditors as ownership of stock in a publicly traded company.

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