What name?

[ACS]

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

 

[Snipes5]

If it is a part of the business, put it in the Company name.

Snipes

 

[ACS]

O.K, and what are the benifits?

 

[Snipes5]

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

 

[ACS]

Question:

Wouldn't the 1 million General Limility do that?

Thanks Snipes4 for your help on this matter.

ACS

 

[Snipes5]

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

 

[ACS]

hi again

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