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| Name | Can I use an LLC for My Personal Residence? (pros and cons) |
| Video Uploader | Video From LLC University |
| Upload Date | This Video Uploaded At 18-08-2017 14:07:16 |
| Video Discription | We teach people how to form LLCs in all 50 states: https://www.llcuniversity.com Using an LLC for your personal residence has some pros and cons. In this video we'll discuss what you need to do in order to purchase the real estate in the name of the LLC. The related video I mentioned about "when to form an LLC for real estate" can be found here: https://www.youtube.com/watch?v=03IK5wtv_5g If you already own your home in your personal name, you'll need to transfer title to the LLC. This means you'll need to contact a local title company and calculate all the closing costs. You'll also need to talk to the bank to see if it's even possible (it's not likely in most cases)... so it's best to transfer title when you own the house free and clear. On the other side, if you haven't purchased your home yet, you'll want to weigh the pros and cons (and speak with an attorney and an accountant) to see if this is a good strategy. Your insurance policies will need to change, as well as your utilities (you'll need to transfer them into the name of the LLC). There are a lot more details involved, so treat this information as an overview, not a comprehensive plan. Continue reading article: https://www.llcuniversity.com/llc-for-a-personal-residence-i-already-own/ /---------------------------------------/ -- DISCLAIMER -- This information is provided for educational purposes only and in no way constitutes legal, tax, or financial advice. For legal, tax, or financial advice specific to your business needs, we encourage you to consult with a licensed attorney and/or CPA in your state. LLC University® is a registered trademark. © LLCU IP1, LLC. All rights reserved. https://www.llcuniversity.com |
| Category | Education |
| Tags | llc for primary residence | put your house in an llc | llc for personal residence | principal residence held in llc | should i llc my home | how to put your home in an llc | llc my home | buy a home using an llc | LLC University | LLCU | LLC | Limited Liability Company (Organizational Legal Structure) | Form an LLC | Start an LLC | How to Form an LLC | How to Start an LLC |
