LLCs for Landlords
If you own a rental property, you have probably wondered about forming an LLC, a limited liability company. An LLC is a type of legal business structure that landlords can use for their real estate investments.
An LLC helps to shield your personal assets or property from being seized if you run into debt or tenant legal issues. LLCs also allow for a property to be distributed easily after you’ve passed away; beneficiaries simply receive a certificate to illustrate their stake in the property. When you form an LLC with the state, you would then have the property transferred into your LLC name.
If you do set up a LLC, make sure to:
- Obtain landlord insurance – this helps protect your assets as well
- Keep the money you receive in rental income separate from your personal money. You never want to comingle funds.
While an attorney is not required to form an LLC, our office often helps landlords obtain LLCs for their properties. Having an experienced attorney to help you can ensure no mistakes are made. We handle all the paperwork by forming the LLC with the state and transferring the property into your LLC name via a way of a Quit Claim Deed.
Here at DAL Law Firm, we have the experience to help you through the process. If you are a landlord that is interested in obtaining setting up an LLC or have questions, contact our office today at (206) 408-8158 or Darcel@dallawfirm.com. We are conveniently located in Normandy Park and would be happy to assist you.
19803 1st Avenue S.
Normandy Park, WA 98148
T (206) 408-8158
F (206) 374-2810
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