How to Set up Your LLC!

[Davin Burnell]

Hi All! I am getting ready to attend my first judicial tax deed sale in Lehigh Valley, Pennsylvania. I want to protect myself and form an LLC in case I run into legal issues with the former homeowners of any properties I may close on.

My questions are:

1. Is forming an LLC in this case justified?

2. For those of you who have LLCs, what's the proper LLC to form to protect myself on all sides?

Would love to hear back from those of you have formed LLCs, have auction experience, etc. Horror stories welcomed! ;)

[Jermaine Chad Ingram]

An LLC won't protect you from former homeowners. It's to protect your personal assets from lawsuits filed against the properties value. But the property can lose a lawsuit.

Your best bet is to contact a CPA and explain your situation.