Legal Question in Real Estate Law in Florida

Setting up an LLC for real estate investment

I live in Ohio and currently have 2 LLCs set up for investing in properties here. We are now in the process of purchasing some properties in Florida. My question is: can I title the properties in Florida in my LLCs that are registered in Ohio or would I be better off to form another LLC (registered in Florida)for that purpose? Thanks.

Asked on 5/02/05, 5:24 pm

4 Answers from Attorneys

Craig Dorne Craig M. Dorne, PA
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Re: Setting up an LLC for real estate investment

I would suggest a separate LLC for each property, but nothing requires that. It is just ggod to protect the others from liability. If use use your company register it as a foreign LLC in Florida, so that it can legally transact business in the state. If you have any questions, please feel free to call or email. Craig Dorne 305-534-4757 or cdorne@dornelaw.com

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5/03/05, 4:52 pm
David Slater David P. Slater, Esq.
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Re: Setting up an LLC for real estate investment

Each property should be a different LLC. This limits your liability. I am both an attorney and realtor on Boca Raton, Florida should you need counsel here. Good luck.

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5/02/05, 5:54 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.
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Re: Setting up an LLC for real estate investment

It seems the answer involves more tax consideration than a legal determination. I suggest you first speak with your accountant and afterward with counsel.

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5/02/05, 5:55 pm
David Weilbacher, Esq. Attorney at Law
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Re: Setting up an LLC for real estate investment

You have options. If you want to use the LLC you have in Ohio, for what ever reason, for example, your Ohio LLC has a credit history, then you can register your Ohio LLC with Florida as a foreign LLC, and then title the FL properties accordingly. However, I would suggest that you set up an individual LLC for each property. This is cheap insurance. If something goes bad with one property, then all are not exposed to potential future creditors. If you would like to talk, give me a call. 216.241.2500

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5/02/05, 8:47 pm

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