I inherited mineral rights to some property in Utah.
An oil company built an oil well on the property and owes me a to-be-determined amount of money. I probably will have to pay my share of the expenses for the well. I have been told it is best to set up an LLC to limit my personal liability. Since I am only going to collect royalties, is setting up the LLC any different than if I were actually going to run a business?
As you mentioned, LLC will limit the liability of the business to the entity itself, this way your personal assets are deemed to be safe, if anything happens to the business. That being said, if you believe your business has little if any risk you might not need an LLC.
Whenever it comes to business liability it is always a good idea to consult a business attorney.
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