LLC or personal?

[Rick Wang]

Im in talks to purchase a mixed use commercial/residential building. 

Any advice with regards to creating a LLC (or other corp type) or to just personally add it to my own portfolio? My personal portfolio is getting a little too large; with this purchase my umbrella policy will probably drop me.

Anyone else deal with this?

[Kathy Henley]

@Rick Wang YES. It is a commercial enterprise and will stand separately from you, the owner. Is it okay to mention my employers? Each of their properties is set-up this way. The slip and fall lawsuits have never gone farther than a claim to their general liability insurance policy, but why risk the whole portfolio?

A commercial property has an income, borrows money, pays bills, enters into service contracts, hires a property management company and markets itself. You, the owner, will contribute capital and take draws, but the property will be a business on its own.