Do I have to have a business name to buy comml or can I buy as individual?

Can I buy comml (multi-unit apt) as individual or I need single member S corp or LLC?
My email: vallikomala@gmail.com. Thank you.
In Buying Property - Asked by Komala V. - May 19, 2010
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Answer(s)

Arnold K.
Broker/Agent
Lake Forest, CA

Individual is fine

May 19, 2010
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Filippa E.
Broker/Agent
New York, NY

The main reason to have an LLC or an S Corp is to Limit Your Liability. IF someone goes after your LLC, it stops there, and they will not be able to go after you personally. It is a safety net. There are also tax implications and I suggest you speak to an accountant in your state about what would be the most advantageous for you.

May 19, 2010
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Michal B.
Broker/Agent
Miami Beach, FL

You can buy as individual but to limit your exposure you should incorporate to protect yourself being personally liable against any claims against the property. Setting up a sole member LLC is the fastest and usually the least expensive option not to mention that income is reported on your personal tax returns.

May 19, 2010
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WC Equity G.
Owner/Investor
Tampa, FL

You can buy as an individual; however, there are perks to buying under a business name. Consider an LLC or PA.

May 19, 2010
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Johanna D.
Broker/Agent
Haymarket, VA

The only way to go to protect the rest of your assets is via LLC..Listen to the advice these folks are giving you and do it right from the start.

May 20, 2010
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DAVID B.
Broker/Agent
Los Angeles, CA

You can buy either way, but you limit your liability using an LLC. If you don't have an LLC established, you can negotiate and go under contract as "Your Name and/or Assignee." As you get close to closing the transaction, you can have escrow modify the vesting to your new LLC.

May 20, 2010
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Nathan D.
Broker/Agent
Yucaipa, CA

Komala - You can hold title any way you want. In order to limit your liabilty it is wiser to use an S Corp or LLC vs. an individual.

May 25, 2010
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Nehal and Rupen S.
Researcher
Iselin, NJ

Best to incorporate (LLC) for your own protection and peace of mind. Well worth the investment. You can do it by yourself. There are many companies that will help you out. Nevada and Delware Based LLC is the best according to my research.

May 27, 2010
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