Mobile Home Park - Setting up an LLC

As you go about finalizing a deal on the purchase of a mobile home park, you need to take into consideration whether or not you want to set up a separate business entity through which you will own the property.  In this regard, an ever growing number of men and women who are investing in multi-family properties today are setting up limited liability companies in order to provide a vehicle for ownership of their investments.  Through this article, you are provided with an overview as to how establishing a limited liability company or LLC can be a positive step when it comes to mobile home park real estate investment.

Men and women who have extensive experience are now nearly universally setting up a separate LLC for each of their mobile home parks or other types of real estate investments.  There are a number of reasons why they are taking this approach.

First, an LLC is very easy to establish.  In most states, you merely have to spend a few minutes online to set up an LLC.  And, the annual fee associated with an LLC really is minimal in the vast majority of jurisdictions.

Second, the annual filing requirements associated with an LLC is very simply to complete.  Unlike a more traditional corporation or a Sub Chapter S corporation, the paper work associated with an LLC almost is non-existent.

Third, an LLC will provide you with liability protection in regard to your mobile home park residential real estate investment.  In this regard, if some sort of liability issue arises in the operation or ownership of the real estate investment, an LLC will protect your personal assets from attack in such an instance.

Finally, there are some tax benefits that you might also be able to realize through the establishment of an LLC to deal with your ownership of a mobile home park.

If you have any additional questions pertaining to your mobile home park or other multi-family real estate investment and the benefits and protections that can be realized through the establishment of an LLC, you should consult with a qualified attorney with experience in the real estate arena.  A reputable lawyer can assist you in making certain that you do everything you need to undertake to get your LLC in place and to keep it up and running from a legal standpoint into the future.

  Richard Stephens