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Old 05-22-2015, 09:34 AM
 
20 posts, read 37,822 times
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Can I form an LLC in Virginia "as an individual who is a resident of Virginia" for a property if it is co-owned with a family member who isn't a resident of Virginia? I am the only person on the loan, if that matters. Is there anything special that I need to be aware of when forming an LLC in this situation?
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Old 05-22-2015, 01:22 PM
 
Location: McLean, VA
790 posts, read 1,883,299 times
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You may want to speak with a real estate attorney. I looked into forming an LLC for a rental, and there are several complications / wrinkles. I wanted to protect my other assets, etc., but it was more trouble than I anticipated. (I realize this isn't much help....)
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Old 05-22-2015, 02:24 PM
 
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Definitely consult with an attorney about this. You are asking legal questions, and only an individual trained in the law can answer if there is anything unique or special that you need to be aware of for your particular situation. Ideally, in addition to real estate, the lawyer or firm that you deal with should also have experience with LLCs and partnership agreements.

For that matter, you may also want to talk to a CPA about the accounting treatment of the LLC and reporting of income to you and the family member.
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