Should the shared or fractional ownership vacation home be held in a limited liability company or limited partnership?
Co-owning a vacation home as a limited liability company (“LLC”), limited partnership (“LP”), corporation, or other entity (rather than in the names of the co-owners) can offer several advantages, including (i) protecting your other assts from liabilities arising from ownership of the vacation home, (ii) protecting the vacation home from seizure by your creditors (or the creditors of other co-owners), (iii) increasing flexibility for ownership changes, and (iv) adding the structure created by the large body of law that is applicable to these entities (but doesn’t otherwise apply to co-ownership). For properties located abroad, owning the shared vacation property as a U.S. LLC or other U.S. company, or as an company or trust formed in another country such as the U.K., offers additional advantages which are discussed below. But owning a vacation home as a company or trust also has drawbacks. Creating and maintaining the company or trust structure involves costs that you would not otherwi
Related Questions
- SHOULD THE SHARED OR FRACTIONAL OWNERSHIP USE A LIMITED LIABILITY COMPANY (LLC), OR LIMITED PARTNERSHIP (LP) OR LIMITED LIABILITY PARTNERSHIP (LLP)?
- Should the shared or fractional vacation home be held in a limited liability company or limited partnership?
- Should the vacation home be held in a limited liability company or limited partnership?
