I am very new to investing and like to think ahead on certain things for my big picture plan. I see that some people on this site have started up LLC's for their real estate business. I have briefly looked into it but of course I want to gather good info before I act on any of it. What are the veterans thoughts on starting an LLC or any other business entity? I know it isn't required but want to know what advantages it could offer me once things take off for me.
Also, If you don't have an LLC can you still use tax write offs like other small businesses do? Do you need to be registered as an actual business to use tax write offs? I would love some incite on this from some of the people that have been in the game for a while.
I am very new to investing and like to think ahead on certain things for my big picture plan. I see that some people on this site have started up LLC's for their real estate business. I have briefly looked into it but of course I want to gather good info before I act on any of it. What are the veterans thoughts on starting an LLC or any other business entity? I know it isn't required but want to know what advantages it could offer me once things take off for me.
Also, If you don't have an LLC can you still use tax write offs like other small businesses do? Do you need to be registered as an actual business to use tax write offs? I would love some incite on this from some of the people that have been in the game for a while.
Thanks!
Nick