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Updated over 7 years ago on . Most recent reply presented by

Naji Boutros's profile image
Naji Boutros's profile image
Naji Boutros
  • Real Estate Agent
  • from Santa Clarita, CA
  • Member since Jul 28, 2009
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2
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Naji Boutros's profile image
Naji Boutros's profile image
Naji Boutros
  • Real Estate Agent
  • from Santa Clarita, CA
  • Member since Jul 28, 2009
Connect
Naji Boutros
  • Real Estate Agent
  • Santa Clarita, CA
2
Votes |
36
Posts
Tax, SDIRAs & Cost Segregation

Still Commingling Personal Assets with Business Assets?

Naji Boutros
  • Real Estate Agent
  • Santa Clarita, CA
Posted

I keep hearing about "piercing the corporate veil". Since no bank would do business with an LLC back in 2011, I had to buy my rental in my personal name including title, mortgage, and leases with tenants.

I'd like to put my rental into my LLCs to split up the rental from my personal assets.

Would the following scenario work, or is it still commingling personal with LLC?

Quit claim the rental to my LLC. Create/Write a note indicating that the LLC is to pay me the mortgage every month. Put the lease to be between the LLC and the tenant.

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