Henderson Kite
Junior Member
What is the name of your state (only U.S. law)? CO
I own a rental property and receive rent payments in my name. I recently got an LLC for that property basically to protect my personal assets in the (unlikely) event of a liability lawsuit. My questions:
1. Should the tenant now make rent payments payable to my LLC's name?
2. Most importantly, hows does the LLC provide liability protection? The tenant knows my name and contact information and could still technically try to sue me instead of my LLC, right? Do I need to do anything else?
Thanks,
HK
I own a rental property and receive rent payments in my name. I recently got an LLC for that property basically to protect my personal assets in the (unlikely) event of a liability lawsuit. My questions:
1. Should the tenant now make rent payments payable to my LLC's name?
2. Most importantly, hows does the LLC provide liability protection? The tenant knows my name and contact information and could still technically try to sue me instead of my LLC, right? Do I need to do anything else?
Thanks,
HK