LLC For Real Estate
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Texas LLC for Real Estate
A Limited Liability Company, also known as an LLC, is a common type of entity which may be used to own real estate. A Texas LLC for real estate offers a number of benefits for property owners.
One such benefit is that an LLC may help protect you from claims that may be asserted against the property. In addition, it may also help protect the property from claims that may be asserted against you.
Note: Our fee to set up your new LLC includes ALL formation documents, not simply the Certificate of Formation.This fee also includes the Secretary of State’s filing fee.
Transferring Property to an LLC in TExas
Transferring property to an LLC in Texas is simple and easy. We need the name and address of the current owner, the name and address of the LLC and the address for the property.
Once we have this information, we will prepare the document you need for the transfer and email it to you. The current owner will need to sign the document in front of any notary. Next, the document should be filed with the county clerk in the county where the property is located.
We include detailed recording and filing instructions with your document. Additionally, we include the address for the county clerk.
Can I live in a House Owned by my LLC?
Technically, yes, you can live in a house owned by your LLC. However, we do not recommend this practice.
You will lose important property tax exemptions if you transfer a house you live in to an LLC.
Good to know: Be aware that if your LLC owns the house you live in, you will lose the important Homestead Protections. The Homestead Protections provided in the Texas Constitution protects the property you live in from creditors.
LLC for Rental Property
Many people use an LLC for rental property.
Having an LLC own your rental property may have tax advantages in addition to providing asset protection.
The goal may be to limit a property owner’s liability if something happens on the rental property.
Furthermore, having your LLC own your rental properties may also help with income taxes.
Be sure to talk to your CPA for tax advice.
Good to know: Having an LLC own rental property is an easy way to have multiple people own property without making their names public. The owners of an LLC do not need to be made public.
Setting up LLC for Rental Property
Setting up an LLC for rental property is easy to do. To get started, we will email you a list of the information we need to create your new LLC.
Information needed for your LLC will include:
Once we receive the information needed, we will prepare the necessary documents for your new entity and email them to you for your review. Then, after you have reviewed the documents, we will file the necessary forms with the State of Texas.
Note: After the State of Texas approves the filing, you will need to transfer your rental property to your new LLC.
We will provide you with a simple step-by-step list of what to do.
LLC for Real Estate Investing
An LLC for real estate investing is a commonly used entity to own properties intended for real estate investments.
After you set up your Limited Liability Company or LLC, you can buy and sell real estate in the name of the LLC.
Furthermore, you can sell shares of your LLC to investors. This may allow you to raise money to buy and sell more real estate property.
Good to know: Using an LLC helps protect the identity of the investors and is an easy to transfer ownership of the property.
Texas Legal Documents to set up an llc for $1300
Our fee to prepare the documents to set up your new LLC is $1300. Our fee includes ALL formation documents, not simply the Certificate of Formation.This fee also includes the Secretary of State’s filing fee.
Do you have questions about setting up an LLC for real estate? Call and speak directly with attorney Scott Steinbach at 972-960-1850. Or email him at scott@texaspropertydeeds.com.
R. Scott Steinbach is licensed in the state of Texas. Board Certified by the Texas Board of Legal Specialization in Residential Real Estate Law. AV Preeminent rated by Martindale-Hubble. Peer rated for Highest Level of Professional Excellence.
Texas Property Deeds is a service of The Steinbach Law Firm.
The Steinbach Law Firm is a Texas Real Estate Law Firm. We prepare all documents for any real estate transaction in Texas.
