**** PLEASE HELP *** CA RESIDENT with NV rental property, LLC NEEDED IMMEDIATELY***

[speedway121]

What is the name of your state? California
Hello,
I am a landlord living in CA with a rental property in NV. I need to setup an LLC or FLP immediately due to the possibility of a lawsuit coming from my previous tenant.

I dont know if I should form a FLP or LLC or what the differences are?
Do I form the LLC or FLP in Nevada or in California? Which is better?
Can I form a NV LLC or FLP while I live in CA?
Which state is more advantageous law wise to setup an LLC or FLP?

For full protection, I was told to setup a LLC for the rental property and then a FLP to incorporate the LLC + my bank account.
PLease help as this is urgent! I need to setup the LLC or FLP tomorrow!!

 

[racer72]

Before you do anything, you need to consider something. If the action the former tenant is suing for took place before you set up your LLC or FLP, doing this is not going to protect you. In fact, the actions could be considered a form of fraud. I would suggest talking to a real estate attorney, that is what you need to do tomorrow.

 

[speedway121]

LLC or FLP

Hi Racer,
I do not know if the tenant will sue.
Regardless I want to setup the LLC or FLP?
Which one is better for my situation?

 

[HomeGuru]

What is the name of your state? California
Hello,
I am a landlord living in CA with a rental property in NV. I need to setup an LLC or FLP immediately due to the possibility of a lawsuit coming from my previous tenant.

I dont know if I should form a FLP or LLC or what the differences are?
Do I form the LLC or FLP in Nevada or in California? Which is better?
Can I form a NV LLC or FLP while I live in CA?
Which state is more advantageous law wise to setup an LLC or FLP?

For full protection, I was told to setup a LLC for the rental property and then a FLP to incorporate the LLC + my bank account.
PLease help as this is urgent! I need to setup the LLC or FLP tomorrow!!

**A: what type of lawsuit?

 

[HomeGuru]

I don't see the urgency of the matter and even if there was one**************..

 

[JoshDom1898]

Doesn't matter HomeGuru. You know that even if he convey's the property to his new and cool LLC he'll be in breach of the d/t / mortgage, thereby opening himself up for more, and probably more costly, litigation.

 

[HomeGuru]

Doesn't matter HomeGuru. You know that even if he convey's the property to his new and cool LLC he'll be in breach of the d/t / mortgage, thereby opening himself up for more, and probably more costly, litigation.

**A: it is good to get the exact facts first.