State Specific Question About: MISSOURI (MO)

Hello,

I have a question regarding rental properties, I do own 23 single homes and rent them out, all the properties are under my name I didn't put them under a company name? From you experience....what do you think is the best to keep them under my name or use an LLC for all my rental properties ?

Im torn on this subject there are some pros/cons to each. I have one property in a LLC and a couple in my name. The biggest Pro for an LLC is adding a layer of protection against any lawsuits. The cons are fee's to set up LLC, paper work n headache to register/transfer the deed/paying yearly fees to keep the LLC up to date/hiring an attorney to do evictions (you can't with an LLC). It all depends on your risk parameters, if you think you will be sued or people will be coming after you for any reason and don't mind spending the extra time/coin I would do it. If you lay low n don't for see any lawsuits I would wait, research the subject some more and speak with a attorney. Hope this helps!

In MO, it all depends.

One of the big LL'S in my town has his rentals all in a trust that he manages. He is able to represent the trust in evictions. There is some protection against lawsuits.

I have mine in an LLC because when we purchased them, my Mom was my business partner and wanted to be a hidden partner.