Hi Everyone
If i set up a dba name to collect rents is this legal if i own all my proporties in my own name. i just don’t want the tenants to know my full name and adress i much rather them think that they are dealing with a company, rather then a person. also would this do any on my taxes.
Thanks for all your help
no problem with having a DBA.
if your county property appraiser is online, then your tenants can get your full name and address from that site(in most cases). Additionally, a DBA offers no legal protection for your personal assets should a rental property generate a lawsuit for injuries. I would recommend that you speak with your team of advisors as to the best way to protect your personal assets as well as the rental properties as well.
Speaking as an attorney in Florida, it is an attractive site to see a landlord own many properties in his or her own name. If i get a client that his hurt on one of those properties, all of the landlord’s personal assets except their personal homestead are subject to a creditors judgment sale, should the injured party prevail in litigation.
what do you call a 1000 lawyers tied to cement blocks at the bottom of the ocean?
a good start…
:flush
Tmcg
Here is hoping you never need one of those 1000 lawyers you tied to a cement block.
I’m a Tax Accountant and everything the Lawyer says is correct. You can use a dba to give your company which is currently a Sole Propietorship a more businesslike image and to keep some distance from your clients, but it does not protect you or your assets in any way if there’s a problem. If you don’t have anything of value it’s ok, but if you have any equity, it’s a little risky to not incorporate.
Speaking as an attorney in Florida, it is an attractive site to see a landlord own many properties in his or her own name. If i get a client that his hurt on one of those properties, all of the landlord's personal assets except their personal homestead are subject to a creditors judgment sale, should the injured party prevail in litigation.
What if you are renting out a portion of your personal residence but all other properties are seperate? Does this bascially mean you are covered (to an extent) on all ends? I’m assuming by yourstatement above that your personal residence is somehow legally safe from a judgment sale, and the LLC’s are providing protection (once again to an extent) for your investments. Please correct me if wrong.
rather than have this under a DBA why not just form an LLC?
his original question was “is it legal to operate personally owned rental properties as a DBA?”
The answer is yes.
While the wisdom of this strategy is questionable, there is nothing illegal about doing so.
A DBA to manage the property and holding title in a land trust will present a business front. Please be aware there is no asset protection benefit with this structure, but it is very cheap to operate when compared to an LLC or other entity and may make sense when just starting out. A discovery motion will show the true ownersip, but it will keep the owner’s true name out of the public record during a cursory search. Check with an attorney in your state for the proper set up. The DBA ma not be able to be named trustee.
Here’s a side note. DBAs can be used to create a unique business presence in various localites without the need for separate entities. No Name, LLC can do business in Atlanta as Atlanta’s Best Rentals and do business in Dallas as Dallas Homes.