This week we met with an attorney in my home town of Centennial, CO to discuss the way we held title for my parents investment properties. It’s a fairly common practice for investment properties, especially those for lease, to be held in the form of a Limited Liability Corporation – LLC. The idea is that the property is its own business/corporation and if problems arise the liability is limited to the funds that are associated with that property, and not other personal assets, bank accounts or retirement savings that the owners of the company might have. To set this up is pretty easy and reasonably priced at about $350 per LLC. The process entails a quit claim deed, preparing the articles of incorporation, getting bank accounts set up for each LLC, and keeping minutes and an operating agreement up to date.
For more questions about this topic call me at 720.203.9624 or email [email protected]