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Updated over 8 years ago,
Philly Landlord..renters license, BIRT, commercial activity, LLC?
my name is on the deed to 5 homes in philadelphia. by september 1, all 5 homes will be rented.
home 1, purchased in 2013, in my name only
home 2, purchased in 2014, with brother, deed in both of our names, we split everything.
home 3, purchased in april of 2015, in my name only
around may of 2015 i realized i wanted to grow my portfolio and i decided to form an LLC and purchase general liability insurance. home 1 and 3 were rented with decent tenants. home 2 was purchased vacant and the plans were developing. (it was just a good deal and we werent concerned with cash flow because we stole the house. since the purchase of home 3 it appreciated significantly)
home 4, purchased in october 2015, in my LLCs name
home 5, i should close by end of this month, will be in my LLC name.
i have met many people who have renters license and several people who do not. most people tell me if you ever have an issue with a tenant and you need an eviction, you will only get the help of the city (sheriff) if you have a renters license for that problem property. it makes sense. i have, however, never ever had a problem with tenants.
1.) Considering some properties are in the name of myself and other properties are in the name my LLC, do i have to get a BIRT and Commercial Activity number for myself personally AND my LLC? like two separate entities entities?
ideally i would love all the homes in the name of my LLC but it would take thousands to transfer them from me personally to my LLC (4% transfer tax of market value)