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Protect Your Rental Properties With an LLC—Step-by-Step After Formation

Own one or more rentals and wondering what really keeps lawsuits away? Forming an LLC is only the first move. Failing to follow the next steps can “pierce the veil,” letting a tenant or creditor reach your personal home, savings, and retirement accounts. In this video, Jeff Hampton walks through the exact post-formation checklist every real-estate investor should complete to keep their rental property LLC shield rock-solid.

Why These Steps Matter for Asset Protection
Many landlords believe the articles of organization filed with the state are enough. They are not. Courts look at behavior: Did you keep money separate? Did you memorialize member roles in an operating agreement? Do checks from tenants flow into an LLC account—or your personal Venmo? Skip any item below and a smart plaintiff’s lawyer can argue your company is a sham, convince a judge to pierce the corporate veil, and drag your personal assets into the lawsuit.

1 | Operating Agreement
Defines member duties, voting, and distributions
Proves you run the LLC as a business, not a hobby
Critical for single-member LLCs that manage rentals in high-litigation states like California, New York, and Florida

2 | EIN Application
Required to open bank accounts, hire contractors, and file taxes
Free when you file Form SS-4 with the IRS (online in minutes)
Foreign investors: use an ITIN or engage a service to handle the filing

3 | Dedicated Banking & “Profit First” Buckets
Keep rent, repairs, and reserves in separate sub-accounts
Never commingle personal funds—one of the fastest ways to lose LLC protection
Automate transfers for taxes, CapEx, and owner draws to show clean books

4 | Licenses & Permits
Short-term rental permits, county business tax receipts, occupancy licenses—renew them in the LLC’s name. Some professional licenses stay personal; know which is which in your state

5 | Vendor & Tenant Contracts
Re-execute leases, management agreements, and maintenance contracts as “[LLC Name], a [State] limited liability company, by [Your Name], Member.” Add indemnity clauses and require vendors to carry liability insurance

6 | Payroll Provider
Use a modern payroll platform to pay yourself reasonable W-2 wages if you elect S-Corp status for tax savings. Issue 1099s to contractors to avoid IRS penalties

Key Takeaways
Forming an LLC for rental property is not the final step; the maintenance that follows is what courts review during litigation.

A signed, dated operating agreement plus strict bank-account separation makes it exponentially harder for a tenant attorney to “reverse pierce” your company and seize personal wealth.

Rebrand every touchpoint—leases, invoices, utility bills—to the LLC so that your business, not you, is on the legal hook.

Stay compliant yearly: file state annual reports, keep meeting notes, and renew local permits on time.

FAQ About Rental Property LLCs
Do I need a separate LLC for each rental?
Many investors form one LLC per property to silo risk; others use a series LLC where legal.

Are land trusts enough?
Land trusts hide ownership but don’t shield liability—pair them with an LLC.

Can I elect S-Corp status?
Yes, once profit is high enough to pay yourself a reasonable salary plus distributions, file IRS Form 2553.

This content is for educational purposes only and is not legal advice. Consult a qualified attorney about your specific situation.

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Do this AFTER you start an LLC - 6 Critical Next Steps
What to Do AFTER You Form an LLC - 6 Steps You Must Take
LAWYER: Don't Miss These Critical Steps AFTER You Form an LLC

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