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Updated over 5 years ago,
Property Management Legalities in NJ (probably other states?)
Hello,
First post here. Take it easy on me :) I'm going to explain a situation with the goal to get the communities take on it. From there, I will consult a tax and legal professional if warranted to confirm. So obviously, yeah, talk to a lawyer, but I imagine someone else has run in to this. Disclaimer, no ones responses are legally binding, etc and are not construed as tax or legal advice.
NJ law says that property owners can self-manage their own properties w/o needing broker license, however with the holding company and subsidiary LLCs, I wanted to confirm: If I am the single member of a holding company LLC that also does property management for properties owned by sub-LLCs of the holding company, does that qualify as 'owner managing their own properties'? Little diagram below.
For example: Say ABC co is a holding company, single member LLC, with 123 main st LLC and 456 center st LLC as subsidiaries, and doing property management under the holding companies name, is broker license needed for me to communicate freely with tenants and perform rent negotiations ?
Thanks
-James