If you are investing in residential or commercial real estate, you can face personal liability in lawsuits commenced against your property. For example, a visitor could slip on your property and name you in his or her premises liability case, or a worker could sue you for injuries sustained while working on your property. One way to reduce your personal liability is by forming a limited liability company (LLC).
At Higgins, Roberts & Suprunowicz, P.C., in Schenectady, we believe that a good real estate attorney is one who is able to look at your case from all angles, including planning for the future. We can help you draft real estate contracts and get title insurance, but we can also help you create an LLC to limit your liability, and take other legal actions to ensure your business is protected.
The Tax Benefits Of LLC Formation
In addition to shielding you from personal liability, there are significant tax benefits to setting up an LLC for your investment property. LLCs involve flow-through taxation, which allows you to put your company's profits on your personal income tax return, therefore avoiding the double tax that corporations face.
Furthermore, if you decide to use your property for personal enjoyment in the future, an LLC will allow you to transfer it without facing corporate tax consequences.
How We Can Help You
Since 1837, our lawyers have been committed to helping individuals create and manage risk to their businesses. We will take the time to talk you through your options and all possible scenarios that could arise in order to ensure you have the best plan in place for the future. It's this commitment to our clients and their businesses that has allowed our firm to build trust from generation to generation.
To learn how we can help you, please schedule a consultation. Call 518-631-5609 or send us an email.