My Legal Minute segments have returned to Minnesota Home Talk. You can hear them every Saturday on 1500 ESPN at 7 a.m. and On Demand.
We start with the question of when is it appropriate to use a limited liability company to own investment real estate. You can hear the audio clip here.
An often asked question from real estate investors is whether their investment properties should be titled in their own personal name or in the name of an entity. Limited liability companies, or LLCs for short, are excellent vehicles for owning investment real estate. Use of the LLC form insulates the owner’s personal assets from any liabilities which may arise from the property – a tenant lawsuit, for example. The cost of forming an LLC is minimal, but resist the temptation to use online forms to set up your LLC. It is always best to consult an attorney knowledgeable in forming LLCs in order to ensure that your entity is properly organized.
To hear other Legal Minute segments, visit the Minnesota Home Talk page on Jeffrey O’Brien Today.