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Updated over 4 years ago on .
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LLC protection conflict
I currently own part of a property ( joint venture ) in my LLC. The LLC is a pass through entity. Can I purchase a seperate property with the same LLC or will that create tax liability issues between the two seperate properties?
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Disclaimer: I am an attorney, but I am not your attorney. This is not legal advice, just friendly information.
I think your question is a little confusing. What I'm assuming you're saying is that you own an LLC, and the LLC is a partner in a deal. Not that your partner is part of the LLC. Is that correct?
If you fully own the LLC, you can put as many properties as you want in it. But if your partner owns any of the LLC, then he will also own part of any properties you put in. So it's really important that your paperwork is very clear as to who owns what.