Oh hi, sorry I didn't see you there. I'm Aiden Kramer with the law office of Aiden H Kramer in Colorado, and you're watching All Opinio Business. I don't know why, anyway, in this episode of All Up in Your Business, I'm going to talk about something that comes up quite often with clients of mine, and that is whether or not to put an investment property into an LLC. So, I'm going to talk about a few of the reasons why you would want to do that and some of the pros and cons and things that you have to consider if you're thinking about putting an investment property into an LLC. So as you hopefully know by now from watching any of my other videos about LLCs, the purpose for having an LLC or a limited liability company is to insulate the personal assets of the business owner from the debts and liabilities of the LLC. If the LLC is run properly, then only the assets of the LLC are going to be subject to the debts and liabilities of the LLC, and the personal assets of the business owner are going to be protected. Let's pretend you have a property and you want to rent it out to some people and hold on to it for a while as an investment. If somebody gets hurt on the property or if there's some sort of damage to somebody else on the property, then that person is going to probably try to sue you to recover for any of those damages or costs associated with that injury. Now, if this investment property is not held in an LLC, then that person is probably going to try to sue you personally to recover. However, if that property is in an LLC, then the person...
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Video instructions and help with filling out and completing Why Form 2220 Assets
