May 1, 2019
A limited liability company (“LLC”) has been the mainstream entity for owners of income-producing property. The start-up costs associated with a LLC are relatively inexpensive, and the owner’s desires to shield him or herself from personal liability make it a desirable choice. An LLC is a separate legal entity with a designated tax identification number and separate tax reporting requirements. An owner’s pursuit of asset protection does not come without unforeseen traps or burdens.