BUSINESS FORMATIONS & LLCs

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LLC and Other Business Formation

Whether a client is looking to start or buy a business, a client should understand the proper structuring and operating of the appropriate type of business ownership entity. In addition, a client should fully recognize the magnitude of proper business protection planning in the formation of a Limited Liability Company (LLC) or other business entity type. Our attorneys will review, strategize, and discuss with the client the best way for a new or existing business to be structured properly according to Arizona law.

Generally, we recommend an LLC for ownership of each investment real estate property. The reason is that if one investment real estate property has problems, e.g., settling soils or a casualty such as mold or flooding damage, the remaining real estate investment properties owned by other individual LLCs are not affected.

Frequently Asked Questions about Business Formation & LLCs

Can you transfer the title of a home to an LLC?

For owners of rental or investment real estate, it’s common to form a limited liability company and transfer title to the property from the individual owner to the LLC, or close escrow in the name of the LLC.

Ownership of property in an LLC can limit personal liability if someone is injured on the property and files a lawsuit. People who own multiple rental properties should form a series of LLCs (“single asset LLCs”) to insulate each piece of property from liability claims involving other properties.

Does Combs Law Group, P.C. help clients to both create and amend LLCs?

The real estate broker is leaving a major real estate brokerage firm to form his own real estate brokerage firm. This real estate brokerage firm will be a limited liability company ("LLC"). Under Arizona law an LLC must appoint a statutory agent to be the agent of the LLC for service of process and other notices required under Arizona law. Can the real estate broker be the statutory agent for this LLC?