turning my rental property into llc

[2MD]

What is the name of your state (only U.S. law)? md

Hi .. my wife and I own a rental property and we would like to set it as an LLC .. i can go to the MD depertment of taxation and file the form for like $100 .. but what would be the next step? or is that all there is to it? do those "set up an llc" softwares they sell explain as well as setup the LLC for me? or should i stop being cheap and hire a lawyer for $500?




























\

 

[Zigner]

First: Why do you wish to set up an LLC?

 

[2MD]

i have had some legal issues with my previous tenant .. as i have new tenants moving in, i would like to have myself protected. That's the reason. I wwould like to know if there is a step by step procedure that i can follow and be sure i did it right .. i would be great if i can save some money as these are bad times for me and family.

 

[HomeGuru]

What is the name of your state (only U.S. law)? md

Hi .. my wife and I own a rental property and we would like to set it as an LLC .. i can go to the MD depertment of taxation and file the form for like $100 .. but what would be the next step? or is that all there is to it? do those "set up an llc" softwares they sell explain as well as setup the LLC for me? or should i stop being cheap and hire a lawyer for $500?




**A: first you set up the separate LLC entity, then you and your wife need to deed the property to the LLC.

 

[HomeGuru]

i have had some legal issues with my previous tenant .. as i have new tenants moving in, i would like to have myself protected. That's the reason. I wwould like to know if there is a step by step procedure that i can follow and be sure i did it right .. i would be great if i can save some money as these are bad times for me and family.

**A: please explain the tenant legal issues as the LLC may not protect you.

 

[switchex]

please explain the tenant legal issues as the LLC may not protect you:


They sued us for a slip and fall in the property. I am not trying ti protect us from them, i know it is too late.. but from future such incidents.


How would i transfer the deed to the property .. i see forms sold online for this purpose.

Also, once i transfer the deed to llc, do i need to register it with state or something?