How should I take legal title to commercial property?
You can, of course, take title in your own name. But you may want to consider forming a corporation or limited liability company (LLC) and putting the legal title in the name of the business entity. This requires more paperwork and a bit more expense, but you limit your personal liability if someone gets hurt on your property.
By limiting personal liability, you decrease the risk that you could lose your other assets such as your home and personal bank accounts if there is a big verdict in favor of an injured person.
Your lawyer can help you decide if putting your commercial real estate into a separate legal entity is the best thing for you to do.
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