|From:||Teresa R Martin, E.|
|Sent on:||Thursday, February 2, 2012 4:57 PM|
Do You Have the Right Entity Structure for Your Real Estate? Why You Should Attend…
By Teresa R. Martin, Esq.
It is baffling to me that so many “so-called” investors or “wanna be” investors are walking around unprotected because they failed to complete their real estate basic education.
So you have graduated from your favorite guru’s boot camp and you have formed your new LLC to begin your real estate investing. You were told that one of the key advantages of a limited liability company (LLC) over a sole proprietorship or general partnership is the fact that the owners (members) of the LLC are not personally liable for the debts and claims of the business.
That means that if your business is unable to pay a supplier, lender, landlord or other creditor, that person cannot go after your personal assets as a members of the LLC and you are protected.
In truth, there are many exceptions to the rule of limited liability. Many LLC members will find that, due to the way the business was operated, the promised protection from the liabilities and claims of the business does not protect them.
To determine whether you should attend the Real Estate Investors Association of NYC (REIA NYC) meeting next week on Wednesday, 2/8/2012 at 6:00PM – 10:00PM, please answer the following questions:
QUESTION 1: A member of an LLC can be held personally liable for many different types of claims, but they typically arise under four different scenarios. Do you know what they are?
QUESTION 2: The LLC Acts typically prohibit an LLC from making certain distributions. Do you know what distributions are prohibited?
QUESTION 3: Does your single member LLC need its own EIN?
QUESTION 4: What is worse, not knowing the above three (3) questions and doing nothing or not knowing the above three (3) questions, knowing you could attend a meeting with professionals and like-minded individuals that could provide the answers and still doing nothing?
I encourage you to attend our meeting and bring a friend to our Buy One, Get One Free meeting on Wednesday, 2/8/2012 at The New Yorker Hotel located at 481 8th Avenue, 3rd Floor (@ 34th Street), New York, NY 10001.
REGISTER TODAY: CLICK HERE
Teresa R. Martin,Esq.
Founder/Counsel, REIA NYC