Business Operated Individually Owned?
I own a building that I lease commercially, and I have quite a bit of profits, I want to lease the entire building to a "Leasing Business?" so I show little profit, and the business can expend the extra so it will show little profits also? If a lawsuit were filed would my asset be protected? Or would the lawsuit still come straight to me?
When the law suits start flying, you as the owner will be included, I am sure.
Why not transfer ownership to an LLC you own?
[addsig]
To avoid being named in the suit you need to put it in the name of a corporation.
you can inc. or LLC for less than a grand in most states...
The reason I don't want an LLC to own my building, is I want to use all the deductions on my W2 income. My LLC income is very easy to find deductions, and expenses to my advantage.