True Music, hi! I'm Darcy Lobo, and I'm the owner of Dow Law Firm here in Normandy Park. Today's video is about LLCs (Limited Liability Corporations) and their purpose, as well as how to use them. An LLC is a legal entity that serves various business purposes. When you have an LLC, it can be for any legal purpose, but most commonly we assist our clients in setting up an LLC for their investment properties or second homes that may be used for rental or investment purposes. We help them establish the LLC for the specific property in order to limit personal liability for any debts associated with it. The primary reason for creating an LLC is to protect personal assets by limiting liability in cases of disputes or claims related to the property. For instance, if you have tenants in a rental property and a dispute arises regarding the landlord-tenant relationship, having the lease agreement with the LLC and the property owned by the LLC allows you to minimize personal liability for any claims arising from that dispute. The only assets at risk would be those of the LLC, which, in this case, would solely consist of the real estate itself. By properly forming and structuring the LLC with the real estate owned by the entity, you can safeguard your personal assets, including other real estate or investment properties. In addition, the structure of the LLC can vary. It can be owned by an individual, making it a single-member LLC, or by a married couple. Furthermore, it can have other members, investors, or partners, creating a multi-member LLC. There are no limitations on who can be a member; it can be any combination of individuals. Family members can also jointly own property through an LLC, with each family member listed as...
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Video instructions and help with filling out and completing Dd 1750
