Need Help Setting Up 2 LLCs

[Jason Swierczynski]

I need to set up 2 LLCs in North Carolina. One of the LLCs I plan on using for my personal investments. These will be mostly single family homes that I will use this one for. The other will be for my business that will manage these assets. I am looking for anyone that can offer suggestions on setting these two up. I am looking for any tips from a tax perspective and protection. 

If you need anything else from me to provide that will be helpful please let me know. 

Thank you all in advance! 

[Nathan Milholin]

Hi Jason,

Disclaimer: you should talk to a lawyer and/or accountant in North Carolina if you are looking for advice that can be relied on. They carry malpractice insurance that covers your losses if their advice turns out to be wrong.

The information you are looking for regarding setting up the LLCs is available on the NC Secretary of State website:

https://www.sosnc.gov/Guides/l...

I have also heard that it can be advisable to hold each property in the name of a separate LLC, so that liability is limited to strictly that asset. If you hold all your property in one LLC, then all of that property can be used to settle the LLC's debts. Granted, many lenders will want you to personally guarantee a loan in any case. Nevertheless, for more general liability matters (e.g. slip and fall injury that your umbrella insurance doesn't fully cover) it is nice to have liability limited to each property separately.