Quote:
On 2004-10-03 14:58, JRRentals wrote:
What is a LLC?
An LLC is a Limited Liability Company. It can be like a corporation, or like a limited partnership.
How does one start one?
By filing articles of organization with your state's secretary of state.
Where does one go to form one?
Your state's secretary of state. I would recommend you seek the advice of an attorney.
What are the advantages?
The best advantages are asset protection, and there may be some tax advantages as well. - See your CPA about that.
What are the disadvantages?
In my mind, there really arent many except lenders generally don't want to lend to an LLC, and depending on your state, there may be a cost associated with maintaining the LLC.
Does a person with only one rental need to form a llc?
That depends on how important your personal house, car, bank accounts, and other assets are to you. If they aren't that important, then you probably don't need to form an LLC. If they are, then you should. Again, seek the advice of an attorney and CPA.
Quote:
On 2004-10-03 14:58, JRRentals wrote:
What is a LLC?
An LLC is a Limited Liability Company. It can be like a corporation, or like a limited partnership.
How does one start one?
By filing articles of organization with your state's secretary of state.
Where does one go to form one?
Your state's secretary of state. I would recommend you seek the advice of an attorney.
What are the advantages?
The best advantages are asset protection, and there may be some tax advantages as well. - See your CPA about that.
What are the disadvantages?
In my mind, there really arent many except lenders generally don't want to lend to an LLC, and depending on your state, there may be a cost associated with maintaining the LLC.
Does a person with only one rental need to form a llc?
That depends on how important your personal house, car, bank accounts, and other assets are to you. If they aren't that important, then you probably don't need to form an LLC. If they are, then you should. Again, seek the advice of an attorney and CPA.