A failure to establish legal safeguards in the form of a documented business structure could put your own personal assetshome, car, savings, etc.at risk if you were to be sued or fall behind on debts.Ī legal structure is simply some legal documentation that you wrap around your business to protect it. There needs to be some layer of protection between your business and your personal assets.
While you have the option to run your venture as a simple proprietorshipfiling income and expenses on your personal tax returnthis is far from the best approach. When it comes to the legal and financial side of real estate investments, you cant afford to expose yourself to lots of liability and heavy taxation.
How to set up an LLC for Investing | Are there tax benefits?
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