E
eastofeden
Guest
We have one S-corp. that has many real esate assets (mostly apartment buildings) in it. Can you get additional protection from lawsuites besides just the corporation?
We want to wall off each potential liability. For example, if a tenant falls out of a window at Apartment Building A and wins a lawsuite because our windows are unsafe (i just made this up) can we limit that lawsuite to just building A?
I remember a CE course that covered this topic of using an entity inside a corp., but cannot find my notes or CE material. I believe it was called a single legal purpose entity. You would not have to materially change the way you do your tax returns or financial books, but be able to wall off the potential liability.
Did I just dream this up or is there something one can use to accomplish my goals.
Thank you in advance for reading this.
Sincerely,
Eric
We want to wall off each potential liability. For example, if a tenant falls out of a window at Apartment Building A and wins a lawsuite because our windows are unsafe (i just made this up) can we limit that lawsuite to just building A?
I remember a CE course that covered this topic of using an entity inside a corp., but cannot find my notes or CE material. I believe it was called a single legal purpose entity. You would not have to materially change the way you do your tax returns or financial books, but be able to wall off the potential liability.
Did I just dream this up or is there something one can use to accomplish my goals.
Thank you in advance for reading this.
Sincerely,
Eric