PART SEVEN: INVESTMENT PROPERTY
It is increasingly popular in Arizona to own investment property through a limited liability company. Limited liability companies are readily formed and are often the preferred method of ownership, whether of land, buildings or rental properties. This limited liability company ownership is particularly flexible if there is only one owner. Limited liability companies may shield the owner from liability claims against the company.
EXAMPLE: if a major liability claim is made against the company, generally the claimant cannot pursue claims against the owner unless the owner was directly involved in causing the liability claim. The limited liability company could be shut down, but the claimant could not pursue the members’ personal assets, such as homes, bank accounts and other property.
PART EIGHT: CONCLUSION
As is evident from this and previous blogs, the way of taking title to a property is based on many factors, depending upon the individual’s state in life, family planning issues and financials plans, and future plans for the acquired property. It is advisable to consult an attorney when considering a substantial real estate acquisition.
Lat J. Celmins