Updated about 5 years ago on .
ATTN Tax Attorneys: CA resident owning IL props needs protection
Well, it finally happened. We have a tenant who hired an attorney. Or maybe an attorney found a tenant that's so far behind in paying rent and has a history of not abiding by the lease, that now suing me is an attractive option! My cpa has always encouraged that we just get good enough insurance, but that apparently made suing me more attractive! So, we're ready to secure the different properties in a legal entity. But they barely break even. The yearly $800 llc franchise tax fee that Ca imposes would make rei untenable.
Here's my request, I'm looking for an attorney to outline the upfront and ongoing costs of structuring a Wy holding company that holds the properties in their individual trusts (all properties in Illinois). If we can find a way of protecting the other properties, as well as our own personal house in a cost efficient manner, we'd love to move forward.
Would you be willing to share how to do so here, for the entire community's benefit?
Thank you,
Clint LeClair