 should I LCC (by Jason [WY]) Sep 22, 2008 3:29 PM
 should I LCC (by Bill [TX]) Sep 22, 2008 4:11 PM
should I LCC (by James [MA]) Sep 22, 2008 5:40 PM
should I LCC (by Sean [CA]) Sep 22, 2008 5:43 PM
should I LCC (by Dave [MO]) Sep 23, 2008 3:14 AM
should I LCC (by Jason [WY]) Posted on: Sep 22, 2008 3:29 PM
Message:
State Specific Question About: WYOMING (WY)
I have been reading now for a month+ about being a ll. I am looking at a first purchase of a 6 apt. building to start. I will be doing the leasing checks and maintenance that I can. Should I form an LLC or would it be an un-needed hassle as long as I get good insurance. I do plan on more buildings in the future.
Thanks,
Jason --69.146.xxx.xx |
should I LCC (by Bill [TX]) Posted on: Sep 22, 2008 4:11 PM
Message:
Jason,
You may get answers all over the map on this. Here is my take:
If you are going to manage and maintain,and you are not going to have any full time staff, just go with insurance.
Good luck to you!
Bill [TX]
--75.20.xxx.xxx |
should I LCC (by James [MA]) Posted on: Sep 22, 2008 5:40 PM
Message:
Probably not needed at this point, but here's the dirty secret the gurus don't tell you. Insurance is pay off money to settle a lawsuit and that's the most likely outcome, LLC or not. An LLC doesn't prevent a lawsuit and it is expensive to defend. You are looking at a pretty hefty initial retainer plus hourly billables. That can easily cost 10-50K. --70.22.xxx.xxx |
should I LCC (by Sean [CA]) Posted on: Sep 22, 2008 5:43 PM
Message:
What James and Bill said.. Heck, we have gas stations, grocery stores and restaurants held in personal names.. It's more about how you screen tenants and run your business than how you "protect" yourself.
Sean --76.105.xx.x |
should I LCC (by Dave [MO]) Posted on: Sep 23, 2008 3:14 AM
Message:
Never have never will. Too much of a hassle. Rent on. --205.188.xxx.xxx |
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