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

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.

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Answered on 4/08/03, 9:34 am

Joseph Jacobs The Jacobs Legal Group

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

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Answered on 4/09/03, 5:24 pm
David Weilbacher, Esq. Attorney at Law

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.

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

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