Q: Our lawyer formed three separate LLCs for our three rental buildings, but never put the LLCs on the titles. Concerning?
For our three separate rental buildings, we paid a lawyer to form three separate LLCs. However, those LLCs were never put on the property titles. He never advised us to do so, nor did he advise us to update contracts with our tenants with the new LLC information, so our tenants still write us personal checks. We are concerned about our liability, and confused as to how our properties can be protected if the LLCs are not on the titles.
A: From the information provided, it does not seem like the LLCs are doing anything. Ideally, you would want the LLC to own the rental property, to be the landlord in the lease, and to be depositing the rent into the LLC account.
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