Oswego Real Estate LLC Attorney

 Posted on January 03, 2023 in Real Estate

Oswego LLC Lawyer: Assisting Real Estate Investors and Commercial Property Owners

Creating a limited liability company or otherwise known as an “LLC” is a way to minimize a real estate owner’s liability concern. One of the multiple benefits of an LLC is limited liability protection for the owners. Limited liability protection insulates the owner's assets from the LLC's creditors and liability concerns. Simply put, this means that if the LLC has debts and a lawsuit is filed against it, the owners of the LLC generally do not have liability concerns. The owners of the LLC enjoy personal limited liability protection. There are circumstances where creating an LLC alone is insufficient limited protection. You should consult an Oswego Real Estate LLC Attorney about the best method to provide the maximum level of liability protection for you and your family.

It is a wise decision to set up an LLC for the purchase of investment real estate. It is also important to re-title the property interests into the LLC's name. Otherwise, the LLC's liability protection will not assist you. Doing It Yourself kits are cost-effective, but they are often faulty because of a person's lack of experience.

With the pending recession, the need for advanced business structure advice is increasing. Generally, a recession especially one impacting the housing market will produce additional foreclosures, liability risks, and lawsuits. These liability risks imperil a family’s wealth and personal assets if advanced business planning was not done in advance of one’s creditor’s concerns.

In addition to LLCs, a private land trust is an excellent manner to provide additional asset protection for property ownership. There are two forms of LLCs in Illinois. The first form is a member-managed LLC and a manager-managed LLC. A member-managed LLC is an LLC that is managed and operated by members (or owners). In contrast, manager-managed LLCs are run by managers who are appointed by the members (or owners). Generally, manager-managed LLCs provide the most asset protection (when set up the correct way).

Multi-member LLCs are LLCs owned by two or more persons. Multi-member LLCs are classified as "partnerships" for tax purposes. However, there are tax planning strategies, which allow a Multi-Member LLC to be taxed as an "S-corporation". Generally, an S-corporation provides significant tax savings in certain circumstances.

In Illinois, a single member-LLC is treated as a solo business or otherwise named a "sole proprietorship". A sole proprietorship is a business entity where the profits and losses of the business are shown on an owner's income tax return. The individual business owner is individually liable for state, federal, and local taxes. There are no corporate or business taxes due.

Real Estate LLCs: Oswego Real Estate LLC Attorney

When you are considering setting up a business entity or real estate LLC, consult an experienced and quality real estate LLC attorney in Oswego and Kendall County. A real estate LLC is a useful strategy when purchasing an investment or commercial property. A real estate LLC is a type of business entity that a real estate investor or business owner should consider. There are alternative business entities, which may be better suited to fit your customized circumstances. Consulting a qualified Oswego business attorney is a good decision.

Drafting an LLC Operating Agreement is critical when there are multi-members of the LLC. Protecting one's assets is critical and poor business structure exposes one's assets to liability concerns that could be prevented with advanced planning. One of the biggest liability exposures is partnership or ownership litigation among others. The members and owners begin as friends and become adversaries disputing money and business ideas.

Limited liability protection provides peace of mind and is a smart strategy. Business planning involves risk assessments and the set-up of trusts and LLCs in a manner that insulates one's assets by placing them beyond the reach of creditors and liability concerns. LLCs are also a good method to transfer one's an ownership interest in the event of a death, disability, or divorce. A well-written LLC Operating Agreement provides valuable estate planning and business planning benefits.

Oswego Real Estate LLCs provide personal liability protection, tax advantages, and ease of ownership transfers. These benefits make LLCs a valuable business entities.

Hire Oswego Real Estate Attorney LLC for Your Real Estate Closings and Asset Protection

When you are purchasing or selling real estate, hiring a qualified real estate attorney is a must decision. A real estate attorney protects your largest investment and provides a smooth closing experience, which provides you peace of mind. Our real estate team has over 50 years of real estate and title insurance experience.

Our staff was trained by title insurance companies where they received valuable real estate closing training experience. Our real estate attorneys have over 18 years of experience and significant title insurance and real estate experience. Our lawyers and staff understand the underwriting guidelines employed by the local title insurance companies.

Gateville Law Firm is a real estate closing law firm with significant tax planning, asset protection, probate, and title insurance experience. Call our team today at 630-780-1034 or contact us through the online contact form. Our law firm serves Oswego, Plano, Plainfield, Shorewood, Aurora, Montgomery, Sandwich, Somonauk, Bristol, Boulder Hill, and nearby areas.