Partnership startup

[Freecheck]

What is the name of your state? Minnesota
My sister and I, who are both married, have been given some rental property and we would like to continue to rent this property together. Any advice on if we should be a general partnership or a Family Limited Partnership or something else? We would be splitting all costs and profits 50/50 and our only goal is to break even.
Also, depending on which, how would we go about filing taxes both state and federal? Do we have to file as a partnership or do we need to file these within our own individual family taxes.

Thanks

 

[seniorjudge]

What is the name of your state? Minnesota
My sister and I, who are both married, have been given some rental property and we would like to continue to rent this property together. Any advice on if we should be a general partnership or a Family Limited Partnership or something else? We would be splitting all costs and profits 50/50 and our only goal is to break even.
Also, depending on which, how would we go about filing taxes both state and federal? Do we have to file as a partnership or do we need to file these within our own individual family taxes.

Thanks

A general partnership doesn't give you any liability advantages (but may have some tax advantages).

I like corporations.

First, Google minnesota pierce corporate veil. After you research that thoroughly, then go to a good business lawyer and ask how the lawyer what he knows about "piercing the corporate veil." If he acts dumbfounded, excuse yourself and keep looking.

Finally, buy LOTS of liability insurance. About ten million dollars ought to do it. The more rental units you have, the more likely it will be that you get sued.