Quote:
Originally Posted by Eric 951
with rentals involved, yes an LLC is better--it offers a layer of protection against your personal assets if an incident occurred. If an LLC owns the property, then only the assets of the LLC are exposed. If you personally own the home--anything in your and your wile's name is vulnerable . Establishing an LLC is cheap insurance--but don't forget to file LLC taxes.
|
It doesn't really change how you file other than you now file a schedule C for business income. It's still done under your personal SSN if you want or you can file under the TIN you'll get when you file the LLC paperwork.