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To: goldworldnet who wrote (12322)	3/13/2004 9:28:57 PM
From: redfish	Read Replies (1) \| Respond to of 34894

I know here in Florida it is pretty common to have a separate LLC own each piece of real estate. Especially if liability insurance is expensive or impossible to get. That way if someone kills himself on that piece of property, the most he can get in a law suit is that particular piece of property, not all the other pieces, or your other assets. All states have LLCs now, I believe. The LLC is basically a limited partnership, with no general partner (the necessity of a general partner is what makes limited partnerships cumbersome). It is better than an S corp. because once you put real estate into an S corp, you can't get it out without triggering taxation. Then when you and the Mrs. die, your kids get interests in the various LLCs. They can have the LLCs buy life insurance in case one wants to get bought out upon his death through a buy/sell agreement, and another prefers to keep it in the family.