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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 22 Aug 2005 03:28:39 -0700
/ Author of the message: "Axqi" |
Title of the message: |
Re: Steps to Renting out First Home
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Text of the message: |
To answer your question: forming a LLC will cost money, probably quite a bit more than getting liability insurance. The big cost of being sued is the lawyer's fees and court costs, and you are going to face that (if sued) even if you have a LLC. Plus, whoever sues is going to blame you for whatever happened and sue you as well. Asset protection should never consist of one layer, but of many: you would need to have not just a LLC but a FLP and perhaps a trust. I doubt you have the assets to justify that expense. Insurance is, as I said, cheaper. It's also tax deductible: the formation costs of a LLC are capital costs. I assume (to address the comments of another poster) that the tax deductions (interest, repairs, depreciation ...) are useful to you. The $300 may well be going towards amortization. . |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.