LLC Property Questions

[Liz Lynn]

Not sure if this is the right category, but I would like some input. I have an LLC from my pet care business that I recently closed. The accounts are empty yet still open and the LLC is still in good standing, so could I now use it for investing in properties rather than buying a separate LLC?. I want to know if buying an investment property under the LLC is a legal, good idea considering it is registered for pet care industry work. Furthermore, should I get a new LLC for each property? TIA

[Mitchell Zoll]

Check the original filing documents of your LLC. You declared a "purpose" when you filed it. Most are a general statement of purpose such as "all lawful business.." If the purpose isn't limited and you are the only member, you should be good to operate your LLC for any business purpose - pet care, real estate, and even real estate for pets (very niche market). If you are getting into multiple properties as a real estate business, please visit with a CPA and a lawyer to come up with a game plan on how to arrange the LLCs. The most important step is to make sure you have a plan on how to operate the business that is specific to your situation.