I own a rental property (2 units) in my own name in Philadelphia, PA. I also have an S Corporation I started for software contracting, but i...

Question

I own a rental property (2 units) in my own name in Philadelphia, PA. I also have an S Corporation I started for software contracting, but is it a good idea to use the existing S Corporation to manage the property? I've heard a good way to limit liability is create a business that manages the property while keeping the property ownership in my name. If I do this, do I need to have a contract or something else set up between the corporation and myself? Can the corporation handle both activities?

Answer

You may have noticed that you never got answers to your questions. You are asking for complicated tax and liability planning for businesses. You should be consulting lawyers for this, not posting to a consumer advice site. This site can only point consumers in the direction of finding answers, not give actual legal advice, anyway.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.