Quote:
Originally Posted by DWBOX2000
So if I set up an LLC, I believe the LLC now owns the property. So even though the LLC has just my wife and I as partners, the renter can only go after the insurance and the rental house. My other property (main residence, cars, money) are protected? Thanks.
|
That depends. If you're thinking from a personal injury standpoint, yes. If you blatantly misrepresent something to a renter, you can be open to personal liability. The renter would file against you and the LLC if you knowingly misrepresent something.
Best thing you can do IMO is make sure you pay people to do work on the home. If you do work and something happens to a renter, you could be held personally liable. The plus side is, you can put new granite tops in your kitchen at home and... wait, I've said too much.
BTW, the information above is for information purposes only. It is not to be viewed as legal advice. And I am not an attorney but I did stay at a Holiday Inn Express once... so there's that.