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How to form a business to receive rent on personal property

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What is the name of your state? MI

We are renting out a barn on our property and receiving rental income. What type of business should we form for this and since we own the building do we need to lease the building to the business?
 


FlyingRon

Senior Member
Who is we? One person? A couple? A whole side of the family?

I'm not sure I understand what you are asking with the second part of the question? If you're renting the building now, who's giving you them money and what are you doing with it? Why do you think you need do anything different?
 

quincy

Senior Member
Softballmom has another thread. These questions should be added there. This thread has been reported.
 
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Let me clarify, my husband and I own the property and the barn. A youth sports organization wants to rent the barn from us for indoor practice during the winter and pay us for the use. We understand that starting a business is the best way to handle but we aren't sure which type of business to start (LLC, sole proprietorship, etc.). We were just going to put the business in my name, not both (I'm not sure that matters but wanted to mention it). Is it necessary for my husband and I to lease the barn to the business?
 
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