When Do You Need An LLC?

Alison and Derek see lots of people set up LLCs who don’t need them.  Here they discuss when you need an LLC. 

Obtain additional input from your Accountant, Insurance Agent, Bank etc. to see if your really need to incorporate. The first line of defense is your insurance, so your legal need may not be the primary decision factor if you don’t have huge assets.

For rental properties it should definitely be considered.

Once you become an LLC you subject yourself to additional work, rules and best practice standards for accounting and reporting etc.

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