Have You Considered An LLC?
Many commercial and residential rental property owners use an LLC as a managing organization for their assets. An LLC, or limited liability company, provides significant liability protections for individuals in business. These business entities are a smart choice, but establishing one can be complex.
At So. Cal. Realty Law, APC, our real estate attorneys have years of experience in all aspects of real estate law and provide diligent, aggressive litigation services. Our team of lawyers works diligently for property owners across San Diego and the Southern California region. We bring insight to all your concerns, especially around liability regarding your property.
How Do LLCs Help Property Owners?
The way an LLC works is it creates a company to hold assets or run a business. When an asset is under an LLC, the owners of the LLC are not personally liable in the case of claims against the property of the company.
How Do You Create An LLC?
Creating an LLC is somewhat straightforward when compared with the challenges of creating a corporation. But, it is more involved than creating a partnership. An LLC typically requires a unique name and filing paperwork.
However, the legal necessities – the bare minimum of starting an LLC – may not be all you need. Organizing agreements are a wise choice here, as often LLCs have more than one owner.
Are LLC Protections Limitless?
No business organization structure is without some risk to the owners. If there is evidence that people within the ownership group of an LLC misuse funds or treat the company as a personal asset, the LLC may not protect them from a lawsuit.
Get Help From Skilled, Experienced Real Estate Attorneys
The decision to create an LLC is entirely up to you. We can advise you on the many advantages and challenges of choosing this strategy. Whatever your choice, we will diligently pursue the outcome you desire for your company.