Boise Idaho Business Guide: Protect Your Personal Assets
1: Homeowners can maintain some privacy because the Idaho LLC is listed as the property owner
2: Owners have more protection in the event of a lawsuit
If you own your residence in your name, if someone who’s injured on your property they can sue you directly. While homeowner’s insurance will cover the payments on a successful lawsuit up to a certain point, your savings, investments and home equity could be used to pay the rest of the damages.
However, if you own your home in an LLC, then the lawsuit can only name the LLC, and the only assets that can be used to pay off the suit are those assets held in the LLC.
When you own your property as an LLC you pay your property taxes through the LLC and can even funnel other costs of homeownership through the LLC. This could include maintenance on property and land.Click for Boise Payroll Service Click to Form an Idaho Business