Liability idea - Property in my name, but managed by my LLC??

[Ken Latchers]

I am buying a multifamily in a state with high (franchise, etc.) taxes when entity owned but not individually owned. So I will put this one in my name rather than an LLC. And getting strong insurance. But there is that nagging concern about liability that an LLC helps shield.

My idea - sign contracts with tenants having an LLC as property management company, but property is in my personal name...

Thoughts - good or bad? Ideas?

[John Chapman]

I agree with everything said above. I'm a lawyer and I do a lot of plaintiff's work and I can promise you that if there is a lawsuit, owners, managers, everyone and their brothers will get named. Moreover, I'm not a huge believer that LLCs provide the protection people think they do. Even here in Texas it's not super hard to pierce them and/or tag the individuals, particularly if you (the individual) is actively participating in the management. A lot of insurance is the way to go in my opinion.