No you do not need to be a LLC but if you would like some asset protection then a LLC is a smart move..
If you plan on doing one deal then don't worry about it but if you plan on doing many deals then look into it.. In the mean time I suggest you do some more reading through the 100's of posts that are at your dispoal here at TCI...
You should always be looking at ways to protect any assets you aquire. There are numerous different types of trusts as well as LLC, which by the way is a relatively new tool not tested well in the court system, in addition to the old school "S" Corp that allows pass thru. There are advantages and drawbacks to all so do some homework and get decent legal advice before making your final decision.
No you do not need to be a LLC but if you would like some asset protection then a LLC is a smart move..
If you plan on doing one deal then don't worry about it but if you plan on doing many deals then look into it.. In the mean time I suggest you do some more reading through the 100's of posts that are at your dispoal here at TCI...
You should always be looking at ways to protect any assets you aquire. There are numerous different types of trusts as well as LLC, which by the way is a relatively new tool not tested well in the court system, in addition to the old school "S" Corp that allows pass thru. There are advantages and drawbacks to all so do some homework and get decent legal advice before making your final decision.