Throwaway account cause my other one is known to many..
Wife and I own two rental properties both under our own names (about to pay off both). Recently heard of a few cases of assets being at risk because of insufficient protection, so i was going to setup LLCs. Here are my questions 1. Can i set up one big LLC (Master LLC) and then have that one completely own two other LLCs "property1 LLC" and "property2 LLC", and in turn, those two own the properties?
-
Once i transfer ownership of the properties to those LLCs, can i make leases and official documents (insurance etc.) in the names of the "prop" LLCs?
-
once #2 is done, instead of setting up so many bank accounts, can i manage all finances through the "Master LLC" (i mean renters make checks to, and i make payments from the "master LLC" instead of the individual ones)?
-
Anything else i should be aware of?
I am willing to pay the right person to answer authoritatively, but between attorneys and Accountants, i haven't gotten the right answer yet.
Thank you for your time and response.
Submitted May 09, 2017 at 09:43AM by _finance_Noob http://ift.tt/2qYbE16
