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    Bradnon's Avatar
    Bradnon Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Mar 13, 2009, 11:07 AM
    Landlord: should I start an LLC?
    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!
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Mar 13, 2009, 11:51 AM
    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.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Mar 13, 2009, 12:50 PM

    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.
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