LLCs, corps, etc. - Posted by fuzzlekins
Posted by fuzzlekins on May 28, 2004 at 08:54:38:
Another question from a newbie … I have been told that banks don’t like to lend to corporations or LLCs (at least not new ones), which makes sense to me. However, I’ve also read that one shouldn’t buy property as a sole proprietor or partnership. So, what’s the magic solution? Do you buy personally (or through something called a land trust, which I haven’t read up on yet) then somehow transfer the property under your corporate or LLC umbrella? Can that be done? I currently own one rental property in a resort area and liability is certainly a concern. I’d like to get it out from under my own name, but I’m not sure how.