My husband and I have a condo (that we rent out) and a 3 story building (we live in 2 of the 3 stories and rent 2 small apartments on the other floor). We hope to sell the condo but until the market gets better...

Is there a benefit for us to start an LLC and what costs are usually involved? We live in Chicago.

Thanks!

The biggest legal benefit of an LLC is that it insulates you from personal liability. Only your accountant can tell you if you will benefit in your current tax/financial situation.

I agree with what Lisa said, but I want to empathize that the benefit is a very significant one. If something happens to your tenants, you could find yourself personally on the hook for a large amount of money.