LLC For Rental
I swear I have read so much over the years on LLCs but still am confused. Want to buy a rental and place in an a new LLC at a later date. Will be my wife and me, no other partners. Would this be a single member LLC? Member managed or manager mananged? Thanks alot.
Thanks. I understand I and I will at one point talk to an attorney. But until then, I will answer your questions and maybe you can tell me a little more.
Property and llc would be in WI. It would be a normal rental, held for a long period of time with positive cash flow. My wife or I would be mananging it. I certainly would like to put more properties in the llc at some point but for a while it would just be one.
You and your wife would be Member-Managed, which means you both manage the LLC. If you were Manager-managed, that would mean one person would be responsible.
I would keep it simple and have just you an your wife on the LLC as member-managed.
Here is a site to visit for an LLC FAQ:
http://www.4inc.com/llcfaq.htm
Good Luck.