{"id":1854,"date":"2011-06-22T22:03:19","date_gmt":"2011-06-23T05:03:19","guid":{"rendered":"http:\/\/www.keytlaw.com\/azllclaw\/?p=1854"},"modified":"2016-11-16T08:23:55","modified_gmt":"2016-11-16T15:23:55","slug":"real-estate-owners-sued","status":"publish","type":"post","link":"https:\/\/www.keytlaw.com\/azllclaw\/2011\/06\/real-estate-owners-sued\/","title":{"rendered":"Real Estate Owners Sued &#8211; a Too Common Nightmare for Property Owners"},"content":{"rendered":"<p style=\"text-align: justify;\">Thousands of times I have said and written that if you own an Arizona business or have investment real estate in Arizona, you must protect your life savings from things that can go wrong with the business by having an Arizona limited liability company own the business or real estate.\u00a0 Here are the facts of life every business owner and investment property owner must understand:<\/p>\n<ul style=\"text-align: justify;\">\n<li>There are an infinite number of ways that something can go wrong and harm or damage people or property.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>If you are the owner of the business or the real estate, you are 100% liable for anything and everything that goes wrong and <span style=\"color: #ff0000;\"><strong>ALL<\/strong><\/span> of your <strong><span style=\"color: #ff0000;\">LIFE SAVINGS<\/span><\/strong> is at risk!<\/li>\n<\/ul>\n<ul>\n<li style=\"text-align: justify;\">You must insert a shield called a limited liability company between things that can go wrong with the business or the real estate and you, your family and your life savings by creating an Arizona limited liability company to own the business or real estate.\u00a0 The general rule of Arizona law is that the owners (called members) of an Arizona LLC are not liable for the debts or obligations of the company.\u00a0 This means that when something goes wrong the defendant in the lawsuit will be the LLC, not you (unless you caused the harm).<\/li>\n<\/ul>\n<p>Insurance is always your first line of defense.\u00a0 You should not operate a business or own investment real estate without adequate insurance coverage.\u00a0 However, the LLC is your second line of defense in case the plaintiff wins a judgement greater than your insurance coverage.<\/p>\n<p>Here are two real life examples of\u00a0 how lawsuits can arise and why you want the defendant to be your LLC instead of you:<\/p>\n<ul>\n<li>Rental\u00a0 property owner sued by a tenant who lived in an older home the tenant claimed had lead paint.<\/li>\n<\/ul>\n<ul>\n<li>Older couple used savings to buy a duplex and rented it.\u00a0 An accident occurred and a person died.\u00a0 The estate of the victim sued the couple for millions, an amount that exceeded the couple&#8217;s insurance coverage.\u00a0 Some of the claims were not covered by the insurance policy.<\/li>\n<\/ul>\n<ul>\n<li>A man with a net worth of $2 million owned a piece of raw land worth $150,000, but he did not have it insured.\u00a0 A boy climbed a tree on the land and was injured when he fell. The boy&#8217;s parents sued asking for more than the man was worth.<\/li>\n<\/ul>\n<p>In each of the above situations the people involved could have saved themselves a lot of worry, stress, time and money if they have placed the real estate in a limited liability company.<\/p>\n<p>Don&#8217;t allow your life savings to be at risk.\u00a0 Protect yourself and your family now by hiring me, the Arizona llc attorney, to form your Arizona LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thousands of times I have said and written that if you own an Arizona business or have investment real estate in Arizona, you must protect your life savings from things that can go wrong with the business by having an Arizona limited liability company own the business or real estate.\u00a0 Here are the facts of life every business owner and investment property owner must understand: There are an infinite number of ways that something can go wrong and harm or damage people or property. If you are the owner of the business or the real estate, you are 100% liable for anything and everything that goes wrong and ALL of your LIFE SAVINGS is at risk! You must insert a shield called a limited liability company between things that can go wrong with the business or the real estate and you, your family and your life savings by creating an Arizona limited liability company to own the business or real estate.\u00a0 The general rule of Arizona law is that the owners (called members) of an Arizona LLC are not liable for the debts or obligations of the company.\u00a0 This means that when something goes wrong the defendant in the lawsuit will be the LLC, not you (unless you caused the harm). Insurance is always your first line of defense.\u00a0 You should not operate a business or own investment real estate without adequate insurance coverage.\u00a0 However, the LLC is your second line of defense in case the plaintiff wins a judgement greater than your insurance coverage. Here are two real life examples of\u00a0 how lawsuits can arise and why you want the defendant to be your LLC instead of you: Rental\u00a0 property owner sued by a <a href=\"https:\/\/www.keytlaw.com\/azllclaw\/2011\/06\/real-estate-owners-sued\/\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6,11],"tags":[],"class_list":["post-1854","post","type-post","status-publish","format-standard","hentry","category-asset-protection","category-lawsuits","category-why-llc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Real Estate Owners Sued - a Too Common Nightmare for Property Owners<\/title>\n<meta name=\"description\" content=\"Examples of why business &amp; property owners need to have their businesses &amp; properties owned by an LLC that protects their life savings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.keytlaw.com\/azllclaw\/2011\/06\/real-estate-owners-sued\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate Owners Sued - a Too Common Nightmare for Property Owners\" \/>\n<meta property=\"og:description\" content=\"Examples of why business &amp; property owners need to have their businesses &amp; properties owned by an LLC that protects their life savings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.keytlaw.com\/azllclaw\/2011\/06\/real-estate-owners-sued\/\" \/>\n<meta property=\"og:site_name\" content=\"Arizona LLC Law\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:author\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:published_time\" content=\"2011-06-23T05:03:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-11-16T15:23:55+00:00\" \/>\n<meta name=\"author\" content=\"Richard Keyt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Keyt\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2011\\\/06\\\/real-estate-owners-sued\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2011\\\/06\\\/real-estate-owners-sued\\\/\"},\"author\":{\"name\":\"Richard Keyt\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#\\\/schema\\\/person\\\/9d6c74d30296559f95e238fa25182391\"},\"headline\":\"Real Estate Owners Sued &#8211; 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