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  #1  
Old 06-05-2005, 03:22 PM
ACS ACS is offline
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What name?

Texas

My husband and I are purchasing a small strip retail building. Which would be
smarter as far as a tax standpoint, put the name in our company's name or our individual name? We are an S Corp.

Thanks
  #2  
Old 06-05-2005, 07:06 PM
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If it is a part of the business, put it in the Company name.

Snipes
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  #3  
Old 06-05-2005, 08:40 PM
ACS ACS is offline
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O.K, and what are the benifits?
  #4  
Old 06-06-2005, 08:56 AM
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The same as the other benefits you get from having an S Corp. It's a layer of protection between your personal assets and your business liabilities.

In other words, if somebody slips and falls in your new building, they can sue you and take the building, but not your personal residence.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #5  
Old 06-06-2005, 09:30 AM
ACS ACS is offline
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Question:

Wouldn't the 1 million General Limility do that?

Thanks Snipes4 for your help on this matter.

ACS
  #6  
Old 06-06-2005, 10:36 AM
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If you mean on your Homeowner's insurance, well, maybe, but in the unlikely event that it was covered, you'd have an awfully hard time getting any more insurance after they cancel your policy for having to pay such a large claim.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #7  
Old 06-06-2005, 10:44 AM
ACS ACS is offline
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hi again

no, this is business general liability - Its hazard and GL Business Ins.
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