C
capellan
Guest
What is the name of your state? New York
Two of my friends and I would like to get into the real estate business for the purposes of offering general real estate services (i.e. selling and buying properties, property management and rental etc.) I have already passed the NYS Real Estate Sales exam and the the other two have already started the process. We know that we have to work in the field and obtain sponsorship from a license broker prior to becoming a license broker ourselves. My questions are:
What would the best form of incorporating a Real Estate related business be in order to obtain optimal personal and business asset/liability protection as well as to limit tax liabilities?
Would an LLC be better than a General Partnership?
What type of insurance coverage are common for businesses engaged in real estate related acivity?
We are in the initial stages, so would it be best to incorporate now or to wait until we start to perform these services on our own?
Thanking you in advance for any guidance you are able to provide.
Regards,
CJC.
Two of my friends and I would like to get into the real estate business for the purposes of offering general real estate services (i.e. selling and buying properties, property management and rental etc.) I have already passed the NYS Real Estate Sales exam and the the other two have already started the process. We know that we have to work in the field and obtain sponsorship from a license broker prior to becoming a license broker ourselves. My questions are:
What would the best form of incorporating a Real Estate related business be in order to obtain optimal personal and business asset/liability protection as well as to limit tax liabilities?
Would an LLC be better than a General Partnership?
What type of insurance coverage are common for businesses engaged in real estate related acivity?
We are in the initial stages, so would it be best to incorporate now or to wait until we start to perform these services on our own?
Thanking you in advance for any guidance you are able to provide.
Regards,
CJC.
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