Business License
Hi, just starting out and was wondering if anyone could provide some guidance with respect to a business license when getting into real estate investing. I have read several books on real estate investing and even purchased a popular tape/video program. However, I have been unable to located this particular piece of information.
I understand you can purchase real estate without a business license, however, I would like to keep all financial transactions separate from my family's finances and of course possible protect myself legally incase of lawsuit develops with one of my properties.
I would be thankful for any guidance you could provide. Thank you all for your time.
Newbie Jim
With regards to separating the finances on your various properties from your family finances - I recommend you consider LLCs, family limited partnerships or land trusts. There are a number of excellent comments in the Forums re this issue.. You definitely do not want to own them personally.
Suggest you read Diane Kennedy - & Garrett Sutton book " Real Estate Loop-Holes". I believe they will lead you to LLC route but there are annual ongoing expenses that you may want to consider.
Good Luck
Thank you very much. I'll check out the book and the forum.