LLC's - PART 1: Why You Should Consider Using Them To Hold Your Rental Property

The AASEW's October monthly membership meeting focused on the issue of LLC's and why you should consider using this business entity to hold your rental properties. Attorney Lydia Chartre of Petrie and Stocking S.C. spoke to the membership about several issues related to LLC's including:

- Why create an LLC?

- Steps to create an LLC

- Information that an attorney will need to assist you in creating an LLC

This meeting had the largest turnout of any AASEW membership meeting in the last 2 years -- we had more than 70 people. Both prior to the meeting and afterwords I received several telephone calls from people that wanted to attend the meeting but were unable to do so. Because of this I have decided to post Atty. Chartre's outline that was distributed to everyone in attendance at the meeting. While you missed a great presentation from my law partner, Lydia, at least you will have the "nuts and bolts" of her presentation.

You can find Lydia's outline here.

In the near future I will provide you with a copy of the outline that I distributed to the attendees at the October AASEW meeting on the topic of what formalities your LLC must follow in order to avoid having the "corporate veil" of the LLC pierced and possibly becoming personally liable for the debts or actions of the LLC.