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We (wife) have a decent sized s corp for employee benefits business and I have a property management company that is a LLC and own quite a few properties. Reinsel Kuntz Lesher is our tax advisor/ accountant and they are pretty well known and great at what they do. I am pretty sure I have the tax benefits down.
Can you expand on the asset protection? I was really under a different impression.
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The most basic idea is that all business you do
is not in your own name. Owning a bunch of rental properties in your own name (aka running a rental business as sole proprietor) does not protect your assets. Are you really going to rely on an insurance company to protect you? Don't put all your eggs in that basket. The insurance company doesn't have your best interest at heart.
There is a reason LLC stands for
limited liability company. The owners are protected from the liabilities incurred by the business. Having a separate entity for each property can also help protect each property from being available to satisfy liabilities from other properties. Some states have series LLCs like shrimpmoney mentioned. Taxi cab companies sometimes do crap like this and undercapitalize each cab entity or they make "independent contractor" drivers. It makes it difficult to collect if there is not enough insurance.
If someone trips and falls, breaks a leg, gets sepsis, and dies on one of your sidewalks... how much insurance do you have again? Oh, you have 20 rental properties though? They are mine now. And since it is a sole proprietor business, all your personal assets are mine now too. Nice car.