Should I Create a Separate LLC to Manage My Properties
If I create a separate LLC to manage my properties, who is labial if I get sued? This management LLC would not own the property. It would be the entity on the lease with the tenant. It would have its own bank account to collect rents and pay for repairs. There would be some sort of contract between the management LLC and the entity that owns the property, stating the responsibilities of the management LLC and how much it pays the owner of the property to "lease" the property.
Would this provide liability protection for the entity that owns the property? Or is it the owner that bears responsibility if anything goes wrong? Thank you in advance for any advice.