Business License

Jim01 profile photo

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 cool smile

Comments(2)

  • RobMather11th September, 2003

    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

  • Jim0112th September, 2003

    Thank you very much. I'll check out the book and the forum.

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