I will be renting a property soon and wanted to know if I should put it into any kind of trust for protection against lawsuits occuring from accidents on the property.
Any thoughts?
~Chantelle
Buy some insurance either way you decide to own the property. LLC could not hurt but insurance is better. If you only own a few units I believe you can add a rider or something sinilar to your homeowners policy to cover general liability for less than a few hunderd a year. A lot of the gurus say not to bother with the expense of LLC until you have a fortune to protect. Others say do each deal in a new LLC. Hope I helped a bit.
Buy some insurance either way you decide to own the property. LLC could not hurt but insurance is better. If you only own a few units I believe you can add a rider or something sinilar to your homeowners policy to cover general liability for less than a few hunderd a year. A lot of the gurus say not to bother with the expense of LLC until you have a fortune to protect. Others say do each deal in a new LLC. Hope I helped a bit.
Buy some insurance either way you decide to own the property. LLC could not hurt but insurance is better. If you only own a few units I believe you can add a rider or something sinilar to your homeowners policy to cover general liability for less than a few hunderd a year. A lot of the gurus say not to bother with the expense of LLC until you have a fortune to protect. Others say do each deal in a new LLC. Hope I helped a bit.
Ted Jr
Buy some insurance either way you decide to own the property. LLC could not hurt but insurance is better. If you only own a few units I believe you can add a rider or something sinilar to your homeowners policy to cover general liability for less than a few hunderd a year. A lot of the gurus say not to bother with the expense of LLC until you have a fortune to protect. Others say do each deal in a new LLC. Hope I helped a bit.
Ted Jr