Renting my home. Start LLC?
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Renting my home. Start LLC?
Hello, thank you.I am renting my home for the first time. Is it a good idea to start an LLC? I know it is a good idea to do so when starting a business so that one does not loose personal property, but does it make sense to start one when the home itself IS the business?If so, what considerations should I make?Thanks, Andy.
Asked on June 18, 2009 under Real Estate Law, Ohio
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Well, the rental property is what would be in the LLC -- so that your tenants in theory can only sue the LLC. In order to do this though, you will most likely need to transfer the ownership of the property to the LLC so the LLC owns it and not you.
Now, depending on the state in which you live, this may require you to pay transfer taxes. So you may need to consider speaking to a business lawyer/corporate lawyer who can help you set this up, register it, transfer title, etc.
Try www.attorneypages.com and check his or her record at the Ohio State Bar.
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