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Isn't the trust redundant though? In certain states(Nevada for example), you don't have to specify the owner or owners when submitting the application for incorporation. That means there is no official state record of ownership and the only way an attorney will be able to obtain your name is with a court order. You still get the limited liability without additional overhead of setting up a trust. Nevada LLC have other advantages in that there is no yearly maintenance fee and there is also no state income tax. It's a one time setup fee(forgot how much it was but I remember to be negligible).
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Feb 3, 2014 18:17
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| # ¿ May 9, 2024 03:09 |
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Please disregard the part about not needing to file member names with Nevada LLC. When I was researching this in 2008, the application form did not require it. Nevada requires member or managers names now apparently. https://nvsos.gov/Modules/ShowDocument.aspx?documentid=1004
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Feb 4, 2014 01:23
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LLCs are still a very useful tool for any landlord even if they provide minimal asset hiding. They still provide great asset protection in terms of limiting liability. If your LLC is sued and the jury awards over the limit of your insurance, the LLC will limit the liability to the property in question.
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Feb 4, 2014 01:39
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