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Nny
Nny asked in Business & FinanceRenting & Real Estate · 1 decade ago

Should I buy a House with my company rather than my own name?

I own a business. A general partnership, to be exact. The partners are all close friends/family. I'm getting ready to purchase a property as an investment (and a source of income as a rental). I plan to pay cash. Would I be better off purchasing it under my name, or under the partnerships. I live in California. And when I say better off, I mean in general regarding tax purposes and ease of transfers. I hear a lot of things about Limited Liability company's or land trusts as a way to protect property from excessive taxes on transfers and such. Since I allready am in a partnership (though our business is generally not real estate) I wondered if it would be good to handle the rental under it. Also IF I should happen to die, I would like the property to be easily transfered to one of my partners. Thanks for any help you might give.

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  • Landlord
    Lv 7
    1 decade ago
    Favorite Answer

    I buy under my LLC, but mine is real estate. You might want to ask an attorney about owning rental property if your business does not cover that. I think you have to form another one.

    This is not going to make transfers easier upon your death though. Upon your death all of your assets have to be probated, including your LLC. The death of anyone in it will effect the others as the assets of the LLC can be seized for debts.

    The LLC protects your personal property if you or anyone in your LLC is sued in regard to it. The LLC is seized, not the house you are living in. For instance if a renter sues you and wins they can only collect their award through the LLC and anything that belongs to it. Your personal property is not available to them.

  • Ranger
    Lv 7
    1 decade ago

    There are so many yes, but not if' this exist, to your question that your CPA that does your taxes and K-1 filings is the only person that can answer your question.

    No one on YA has the complete financial picture of your Partner Ship.

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