Business Law Tip: Home Ownership In An LLC

Have You Considered Owning Your Home In An LLC?

Technically, nothing is stopping you from using your residence in an LLC. But you must think twice before doing so. There are certain risks attached to using your residence as a business address. Evaluate them carefully before using your residence in an LLC.

Keep in mind, once you use your residence address, your privacy is compromised. The main purpose of an LLC is to avoid personal liabilities. But once your privacy is compromised, protection from personal liabilities is compromised too. You are opening yourself to predators and putting yourself and your family at risk.

Again, if your business involves meeting clients, then your reputation will greatly hamper and you may not seem professional or serious enough. In this way, you may lose credibility with potential clients.

Advantages And Disadvantages Of LLCs

The primary reason business owners opt to register their businesses as LLCs is to limit the personal liability of themselves and their partners or investors. Many view an LLC as a blend of a partnership, which is a straightforward business agreement between two or more owners, and a corporation, which has certain liability protections.

Although LLCs have some attractive features, they also have several disadvantages. Depending on state law, an LLC may dissolve upon the death or bankruptcy of a member. A corporation can exist in perpetuity.

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