Keep in mind that it is best to evaluate your financial situation and to speak with an advisor before moving forward with a decision. To help you determine the best structure for your small business, we will walk you through what an LCC is, who it benefits, and how to become one. There are many different factors that play a role in deciding whether or not to make your short-term rental business an LLC. The ability to have extra safeguards for personal risks exposure is without a doubt a major highlight of becoming one. For many vacation rental owners, minimizing risk is top of mind, and an LLC is a way to gain added protection in addition to vacation rental insurance. As a small business, you may be trying to determine the right business framework for you - likely either a sole proprietorship or limited liability company (LLC). Selecting the right business structure for your short-term rental property is important. It will be your responsibility to direct any specific questions you have regarding the formation of your business entity to your legal counsel and/or accountant.
Any action you take upon the information contained herein is strictly at your own risk. (“CBIZ”) does not provide legal, tax or accounting advice and does not make any warranties of any kind about the completeness or accuracy of this information. The information contained herein is for general information purposes only. Categories: Vacation Rental Insurance Blog Rotator Should Your Vacation Rental Property Become an LLC?
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