Many of our clients call us and meet with us to discuss their goals of establishing and operating a limited liability company (LLC) for real estate in Georgetown, Texas, San Antonio, Texas, and all of New Mexico.
What are the benefits of putting the house in an LLC?
Members of an LLC have limited liability and are free to participate in management of the company. Generally, the liability of the members is limited to their investment. A judgment against the LLC entity does not extend to personal liability of the individual. The individual’s other assets are not up for grabs.
What are the disadvantages?
Persons contemplating forming an LLC are well advised to consult competent legal counsel. Some people think that attorneys are arrogant. Some people don’t like to pay legal fees for legal services. Some people don’t understand how a business entity works. Some people don’t like to treat a business entity like a separate individual.
***NOTHING IN THIS ARTICLE IS TO BE CONSIDERED AS THE RENDERING OF LEGAL ADVICE FOR SPECIFIC CASES, OR CREATING AN ATTORNEY-CLIENT RELATIONSHIP, AND READERS ARE RESPONSIBLE FOR OBTAINING SUCH ADVICE FROM THEIR OWN LEGAL COUNSEL. THIS ARTICLE IS INTENDED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY, AND NO WARRANTY OR REPRESENTATION IS MADE AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN.***
We would be happy to discuss your individual facts and circumstances analyze your how your specific situation is affected by the following question, and give you professional legal advice after you decide to hire this law firm and pay your legal fees. Before you decide to hire us to provide you legal services, you may want to read the following educational information.
Tax Advice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice in this communication (including any attachments), unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any matters addressed herein.
Call Marquardt Law Firm, P.C. at 210-530-4278 in San Antonio, Texas; call 512-766-3782 in Georgetown, Texas; or call 575-430-2353 in New Mexico when you have decided to start your business and hire an attorney to receive legal representation and advocacy to limit your liability.