Whether you are purchasing real estate as an investment or you simply wish to remain incognito while enjoying limited liability for yourself and your property, forming a Real Estate LLC offers several advantages over personal ownership. In fact, many celebrities and Wall Street investors routinely purchase property under the guise of an LLC, to maintain anonymity while protecting their own assets.
Benefits of forming an LLC for Real Estate purchases include:
• An LLC limits your personal liability in potential lawsuits related to your property. If you own a property as an individual investor, you could be named in a lawsuit and your personal assets could be at risk. An LLC protects your assets and limits liability to the property itself.
• As an LLC owner, you can avoid double taxation on money earned from your investment property and its appreciated value. You can also deduct mortgage interest based on current IRS rules.
• A foreigner investor can purchase US real estate through the formation of an LLC.
• LLC owners can transfer ownership of real estate holdings by gifting them to heirs each year. In the long run, you can completely gift your holdings without having to formally transfer ownership or create a new deed.
Publication Requirements for Your Real Estate LLC
Once established, an LLC can be a wise move for real estate investors. Nevertheless, you must adhere to the filing requirements of New York State, which include a publication requirement.
The New York Department of State mandates that LLCs must:
1. Publish two legal notices of the LLC’s formation
2. Notices must be published in two distinct newspapers designated by the County 3.Clerk, in the county of the LLC’s address
4. The publications must appear for six consecutive weeks
5. Once the six weeks have been fulfilled, the publishers will issue affidavits stating that publication requirement has been satisfied
7. The publisher’s affidavits must be filed with the New York Department of State, who will then issue a Certificate of Publication
8. The publication process must be completed within 120 days of the LLC’s formation
Publication Assistance at Windsor
At Windsor Corporate Services, we take the guesswork out of forming your LLC with our convenient packages and publication services. There is no need for you to deal with the headaches of forming LLC.
We will guide you step by step, and make sure all statutory requirements are met, so you can move ahead with your real estate investment as an LLC entity.