More than one LLC or is one enough?!?!

[Rick M.]

I found a multi-family property on the seacoast that I would like to buy. Let's not put the cart before the horse, I want to have it under a business LLC. I was wondering with each property that you own do you have it under one LLC or have one for each property you own? What would be the advantages of having them under one or having each property have it's own LLC?

[David Dachtera]

Originally posted by @Matt K.:

Couldn't the risk of being sued be significantly reduced by a good umbrella policy which would be far cheaper than multiple LLCs? 

Big insurance policies invite lawsuits because litigants know they can get a big settlement and the insurance company will pay. 

Remember also that during the discovery phases, your ENTIRE ESTATE becomes public knowledge. You are now fully exposed and at risk.

"Control everything, own nothing" is the mantra you want to adopt. On paper, you should look like you qualify for public assistance. How many such people make good lawsuit targets?