Generally speaking, you can name your LLC anything you want.
Next thing you know, you're being sued for a HUGE sum for actual damages and pain and suffering! If your vacation rental was held and titled under an LLC, only the LLC’s assets could be at risk - not anything else you own or are invested in. They find a personal injury attorney from a TV commercial and call. They go to the ER, get X-rays, maybe a cast, and are in pain. Imagine one of your property guests was injured slipping on your walkway from the parking area to the front door. You can be named as an LLC’s “member,” but again, that is not you personally. In fact, it's hard (not impossible) for you to be personally named as a plaintiff. In the event of a lawsuit related to your LLC, only the assets of that LLC can be at risk - not everything else you might own. Having a “business” in an LLC can protect you PERSONALLY from a lawsuit. Why do small-business owners opt for an LLC vs a Simple Sole Proprietorship? If you own multiple properties, have built-in liability issues like a private pool (indoor or outdoor), or if you have not adequately maintained walkways, stairs, or other areas prone to accidents, an LLC may be the correct option. With enough liability insurance, your protection against guest liability issues is pretty secure however, if you really think an LLC is right for you, please read on. If you’re a vacation rental property owner or considering the purchase of one, you’ve likely asked yourself, “Should I make my vacation rental an LLC?” There are pros and cons, but for most, the answer is NO. You should always consult with a local and licensed attorney for details and help with your individual situation. This article is offered only to provide you with some ideas and options. DISCLAIMER: This business planning process takes into account many variables and can be both a simple and complex issue - depending on your personal situation.
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