All Forum Posts by: Ilene R Vanabbema

Thanks, the main expense I was thinking of is tax preparation. I'm leaning towards putting the two commercial buildings in an LLC and keeping my rental houses in my name.

I own a restaurant/bar in two buildings. I it's been open 11 years. I just set up the restaurant in a s corporation from an LLC. Right now the buildings are in my name and rented from me by my restaurant. I getting mixed advice from attorneys and accountants on if I should put the buildings in a separate LLC instead of in my name. My concern is if I get sued personally what happens to the buildings affects my business. I also have 6 rentals that are in my name and not LLC. My attorney said LLC are expensive tax wise and any good attorney can get past them if I get sued. He suggested a umbrella policy under my personal properties. Thanks for any help on this. Ilene