Keyword Analysis & Research: carolina real property llc

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Frequently Asked Questions

What is a rental property LLC?

The Limited Liability Company (LLC) is a popular asset protection tool for rental property owners. An LLC is a business entity that you set up to own your rental property. If the LLC is properly set up and maintained, then the LLC separates any potential liability from the rental property from your personal assets.

How much does it cost to start an LLC in North Carolina?

When setting up the LLC, there will be initial filing fees to the North Carolina Secretary of State of $125, plus any legal fees for assistance in setting up the LLC and accompanying operating agreement. Each year, the LLC will be required to file an annual report to the North Carolina Secretary of State and pay a $200 filing fee to the State.

What happens if an LLC buys a property?

If the property is purchased directly in the name of the LLC, your name will not appear on the property records. If you already owned the property and you transfer it an LLC, county tax records will reflect that the property is owned by the LLC, but your name will still show as a prior owner (though this is also true if you sell the property).

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