alligatorob
Member
What is the name of your state (only U.S. law)? I am in Florida, but asking about a real estate deal in Georgia.
I am purchasing a small office building with a partner. We have to make a decision as to how to hold the deed, just as two individuals or to set up an LLC to hold the property. We are being told by lots of people that we can limit our liability by setting up an LLC, but when pressed no one seems to be able to tell us just what liability we are limiting. Same thing goes for our lawyer, he says we should do it, but has not been very good in explaining why.
What do y’all think? Is an LLC worth the complication and cost or should we just do this as two individuals? If so why.
If it makes a difference the office will be rented by our business in which we are both shareholders; just taking advantage of a low real estate market to move from renting to owning space. However the business will not own the property, there are other shareholders in the business who are not a part of the real estate deal.
I am purchasing a small office building with a partner. We have to make a decision as to how to hold the deed, just as two individuals or to set up an LLC to hold the property. We are being told by lots of people that we can limit our liability by setting up an LLC, but when pressed no one seems to be able to tell us just what liability we are limiting. Same thing goes for our lawyer, he says we should do it, but has not been very good in explaining why.
What do y’all think? Is an LLC worth the complication and cost or should we just do this as two individuals? If so why.
If it makes a difference the office will be rented by our business in which we are both shareholders; just taking advantage of a low real estate market to move from renting to owning space. However the business will not own the property, there are other shareholders in the business who are not a part of the real estate deal.