Starting a business can be scary but it’s really easy. In fact, I did some research and stumbled upon all the necessary steps nestled into one simple itemized list that I just danced around and waited until of course the government shutdown to submit my application because I thought I was close on finding another property but needed to have my LLC in place.
Well, here’s the thing if you’re going to do anything at least start an LLC because you get a tax write off that way a lot of the expenses that are flowing out of your pocket can make its way back to you depending on the percentage amount around tax time. Less you have to pay the government.
I also like to liken the start your own business to really thinking differently. Thinking smarter. Help your money build in a smart fashion.
One day I was sitting at home thinking what else can I do to extend my income potential. And that’s when I began reading on line how tax advantages are centered around starting a business. Doesn’t matter what it is but the point is now you’ve identified an extra source of income. Now for me I can cook but I like to eat it myself and not share it with the world so I tried to find something I can really get excited about that may not be a ton of work. So real estate here I come. I was actually doing it already juts never put the pieces together.
So first up you need to come up with a name. I tried everything even the same exercise for this website. LegalZoom has a name generator. Not sure how good it is. Let’s say it’s as good as yahoo, gmail and the others. A similar name as the next with a freaking number at the end to differentiate.
I realize this year some tax advantages have changed – ugh. And I need to understand what those changes mean. But you can also make the decision yourself on what will work best for you. By researching if you should even start an LLC. It’s fitting for real estate because it provides protection against any lawsuits initiated by a tenant so that you don’t lose your home and other valuable assets. But that they only go after the LLC. Depending on what you are looking to do you may need to form something else. Of course if I was going to start a company I might have a corporation started instead.