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Write You - Separate Properties, Separate LLC's
You know, as much I love freelancing, it can suck you in like a real job without even realizing it. What I mean is that you get programmed to work and work and work and take everything too seriously when you always have the option to take a little time off with no reprocussions. I might be a little philosophical here but the whole point of working independantly is for peace of mind.
As the name of our website suggests we help you in managing your finances when you think it is time that you had a baby but are worried about the cost and responsibility of a new life on your shoulders and pockets.Expecting a baby soon? Worried how you’ll be able to manage in the limited finances after it’s born? Worried about your child’s higher education? Well, we have the solution to
Consider the following example: you have worked hard over the last several years and your business is starting to take off. You have made the wise decision of forming an LLC, or Limited Liability Company, to own your business. Lets call it Big Biz, LLC. After taking distributions from the profits of Big Biz to support yourself and your family there is still a decent amount of money left over. Lets say there is $45,000 that you would like to invest in real estate. After considering your options and conducting your due diligence you find three small rental properties that you decide to purchase. You put $15,000 down on each and finance the rest through your local bank at a favorable rate. All three properties are owned by Big Biz. Each property throws off a cash flow of $300 each month that contributes to the overall income enjoyed by Big Biz. This monthly cash flow of $900 and the continuing profitability of Big Biz soon allow you to purchase two more investment properties, again putting $15,000 down on each. Your total monthly income from the rental pro
Due to the constantly changing nature of their profession, CPAs must constantly keep themselves abreast of the latest development in their field. Irrespective of if the changes are in the form of new laws that are brought in or old laws that were amended to reflect changes, pleading ignorance is not an option for CPAs.There are numerous fields that the CPA has to keep himself informed ab
Consider the following example: you have worked hard over the last several years and your business is starting to take off. You have made the wise decision of forming an LLC, or Limited Liability Company, to own your business. Lets call it Big Biz, LLC. After taking distributions from the profits of Big Biz to support yourself and your family there is still a decent amount of money left over. Lets say there is $45,000 that you would like to invest in real estate. After considering your options and conducting your due diligence you find three small rental properties that you decide to purchase. You put $15,000 down on each and finance the rest through your local bank at a favorable rate. All three properties are owned by Big Biz. Each property throws off a cash flow of $300 each month that contributes to the overall income enjoyed by Big Biz. This monthly cash flow of $900 and the continuing profitability of Big Biz soon allow you to purchase two more investment properties, again putting $15,000 down on each. Your total monthly income from the rental pro
Being passed over for a promotion can certainly leave you wondering what to do next and where your place in the company really is.If you've been passed over for a promotion, you have several options available to you. Before you do anything rash – like quitting your job or starting to look for a new job – you need to get the facts.Before doing anything you might quickly regret, tak
Whether you presently own a retail or web based business and are looking for an additional profit center or you are thinking of starting a business, jewelry is a “no-brainer” choice for a proven product category. The buying public, (particularly women) never tires of jewelry as the choices in color, materials, finishes and styles are endless and innovations are continual. Every generation reinv
At the age of 36, Michael Abrashoff was selected to become Commander of the USS Benfold – at the time, the most junior commanding officer in the Pacific Fleet. The immediate challenges that faced him were staggering: Exceptionally low morale with unacceptably high turnover. Few thought that this ship could improve. In many ways, the Benfold was actually an extreme example of the same problem
Your tenants all seem to be decent people and there have not been any significant problems. However, the winter rolls around and one morning a tenant slips and falls on their front step before your maintenance person has a chance to salt it. The fall is a bad one and they end up in the hospital with fairly serious injuries. You send them a “Get Well Soon!” card and think nothing more of it until you get a phone call from their lawyer. The lawyer informs you that you are being sued for negligence. They take you to court! You are not too worried because you took the smart route and formed an LLC so you know that you are protected. WRONG! It is true that your personal assets, such as your home, cars, etc are protected. However, everything, and I mean EVERYTHING, that Big Biz owns is fair game. They can take all five properties AND your business.
Although this scenario may seem cliché, it is far too common for you to not take steps to avoid it. Generally, the best way to prevent this scenario is to form a separate LLC for each property. The easiest thing to do is to name them whate
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