I live in MD.
I have a rental property, which i would like to setup as an LLC to protect myself from any potentail law suites from tenants, etc. Looking at the LLC form for the MD state, there seems to be nothing to it!!! I do have a general question about LLC.
Lets say I have 2 businesses, one is a rental business, and the other is selling "how to" info on the net. I set an LLC for my rental (call it Mike's LLC) but not the interent business.
My question is, how can one tell which of the 2 businesses is actually protected under this LLC? The form does not specify what kind of business the LLC is being setup for? It just asked fro a name and the rason the LLC is being setup.
Is it simpy by the name of the LLC, if the name of the LLC matches the name of the business? Or is it by the bank account of the LLC? If all the money from the renatl goes to a specifc bacnk account setup under Mikes LLC, than one would know that's all the money this business has?
Can u please clarify.
Thanks.
Later someone sues me on my wholesale business.
Since the LLC application (atleast in MD) does not specify what type of bussiness the LLC is being setup for, and the LLC name is so generic, How can one tell which business is being protected by the LLC?

