LLC questions

There are benefits of holding an LLC vs holding under your personal name/SSN: (1) banking advantages of opening an account in your LLC name/FEIN #. It’s given an air of professionalism and legitimacy to your venture as well as separating the cash in and out for accounting purposes. It makes tax prep simple.
(2) it’s advantageous to establish utilities, leases and other expenses in the LLC name. If you are going to be sued, let the party sue an LLC that has nothing vs you that may have slightly more than nothing. (3) depending on your marital/life circumstances you can allow others to be shareholders in your LLC. It makes transitioning wealth easier between unrelated parties

Of course, there are many more. Spend a couple bucks and get a solid opinion from a CPA/RE attorney. The couple hundred bucks now will save you prep and nightmares in the future.

/r/realestateinvesting Thread Parent