Yesterday, I spoke with a lady that had investment real estate property that was in her personal name. I often see this. Your investment real estate properties should be in a Limited Liability Corporation (LLC). In Illinois, the preferred structure is to combine a Land Trust, which protects you against liens and judgments, with an LLC. An LLC is a business entity that is a fictional person created under law that seperates your personal and business assets. The purpose behind an LLC is to insulate your personal assets from liability exposures such as a porch collapse, a slip and fall, or any other accident. Furthermore, anybody with teenage children should be very concerned with asset protection. Your teenage children could have friends over and an accident occurs. Teenagers have a strange way of finding trouble.
Enough for this morning, I am off to the Woodridge Chamber of Commerce Coffee Connection this morning. Have a great day all!
Yours,
Sean Robertson
Robertson Law Group, LLC
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Key words: Woodridge, Naperville, Asset Protection, LLCs, Teenagers, slip and fall, porch collapse, liability protection
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment