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investment unit - LLC or personal?

Started by e76
over 15 years ago
Posts: 226
Member since: May 2009
Discussion about
I currently own/occupy an apartment I purchased in my name. I'm considering subletting it as it looks like I'll be relocated for an indefinite period of time. Does it make sense for me to transfer the apartment to an LLC? If so, any thoughts on how I do that and what the implications might be? Thanks
Response by buyer222
over 15 years ago
Posts: 9
Member since: May 2011

makes sense for personal liability reasons... and creating an llc in ny is fairly easy - but not free - one time costs for a lawyer (c$750 but will vary) plus costs to publish (can run over $1000 dep on the county) and annual maintenance fee (c$325 in nyc)... have seen DIY guides on the internet so you can probably do this yourself for less... as you already own it, you should consider transfer cost and tax implications... good luck; hope you're relocating somewhere nice!

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Response by hol4
over 15 years ago
Posts: 710
Member since: Nov 2008

SMLLC to avail of Sch C as opposed to 1065 filer..

you need to see a CPA.. thye're more thorough than attorneys as they go beyond setup and look at payroll/maintenance/tax/liability implications.. attorneys are pump n dumpers in LLC formulation and will charge you for crap you can find online yourself (DIY kits)

CPA's (at least a good one) will advise you beyong articles of organization.

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Response by Kapt54
over 15 years ago
Posts: 17
Member since: Mar 2011

A good tax/business attorney would advise you as to the best entity for legal and tax reasons. They would also provide info on the the ancillary tax issues covered by a CPA. Although many do, a CPA (at least a good one) should not be giving legal advice on liability or any other legal issue.

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