If I buy a primary residence before forming my LLC, how can that property be “absorbed” by the LLC? Can the LLC “buy” me out of my primary residence, thus becoming property of the corporation? :help
I do not know a whole lot but I do know I would not want my primary home in my business LLC becuase it can be used to settle company debts if so called upon. There by giving up your homstead exemption. If privacy is what you are looking for do some kind of trust. What is the purpouse of putting your home in an LLC?
Phil
In addition to what pnc has said, the LLC will be considered a sham unless you plan to pay rent and report the income.