Legal Question in Business Law in Ohio

Limited Liability Company

Should I file papers to become a Limited Liability Company before I purchase real estate for rental income? Could I wait until the purchase is closed or would I lose tax benefits? Would LCC protect me from tenant lawsuits?

Asked on 4/07/03, 4:38 pm

3 Answers from Attorneys

Joseph Burke Law Office of Joseph T. Burke
0 users found helpful
0 attorneys agreed

Re: Limited Liability Company

It depends on how many rentals you own or intend to own. I would consult with an attorney. I would be happy to provide a free consultation (440) 835-8200.

Read more
Answered on 4/08/03, 9:34 am
Joseph Jacobs The Jacobs Legal Group
0 users found helpful
0 attorneys agreed

Re: Limited Liability Company

Do you plan on having other units?

If not, you really don't need legally to have an LLC, and insurance will cover your liability issues.

If you do plan on doing other units, then yes, LLC is the way to go, unless you plan on having employees. In that case, you would want to incorporate.

The tax ramifications are best answered by an accountant. Do that first and call me:

Joe Jacobs 216-952-1990 / 216-227-0900

Read more
Answered on 4/09/03, 5:24 pm
David Weilbacher, Esq. Attorney at Law
0 users found helpful
0 attorneys agreed

Re: Limited Liability Company

The qestion you are asking is much more difficult than it seems. The correct answer depends on the answers to a number of other questions. It is far to complex to address via email. If you wish to discuss your options, please feel free to contact me at 216.241.2500.

Read more
Answered on 4/07/03, 5:06 pm

Related Questions & Answers

More Business Law questions and answers in Ohio

Looking for something else?

Get Free Legal Advice

88683 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Craig EpifanioCraig Epifanio, P.A.St Petersburg, FL
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now