Q: Can I reduce liability by leasing my property to an LLC, who would then sub-lease property?
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New Jersey
- (973) 798-6131
- View Profile
- Answered
A: That is never going to work. A primary residence cannot be placed in an LLC. An LLC must have 3 members or more for it to be a valid legal entity. If you do not have an LLC custom-drafted by an experienced corporate attorney, it may not be worth the paper it is printed on. There must be a legitimate corporate purpose. Any attorney who would tell you that what you want to do is legitimate is setting up a potential fraud, which will accomplish nothing. You need to speak to a knowledgeable attorney to accomplish what you really want to do and whether or not it is good. Good luck.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
