Financial Readiness Checklist!

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Financial Readiness is making sure your “house” is in order.  Preparing for the best and preparing for the worst.  

Investing in real estate or owning a business isn’t complicated, it just needs to be done right.  Here’s the Checklist:

      Revocable Living Trust & Will:  We’re all going to die someday, and when the good lord takes you, we never know.  Without the estate plan, you’re loved ones will be faced with massive problems accessing your bank accounts, brokerage accounts, and property.  This is the foundation for anyone with assets.  Don’t just get the trust done – be sure you’re titled assets are in the name of the trust!

 

      Wyoming LLC:  We live in a world where people file lawsuits for not using thier proper pronoun.  If you own properties or a business, you need the very best legal protection.  Wyoming and Nevada have the very best laws for small business and investors.  By organizing under the laws of Wyoming and registering appropriately where you live or do business, you have the very best protection.  

 

      Land Trust:  As you build out your rental portfolio, instead of having separate LLCs for each property, we use land trusts.  Land trusts will separate the liability of each residential property you own.  Land trusts are only used for residential properties.  (four-plex, tri-plex, duplex, single family home, condo).  Land trust have no bank account, no tax return, no renewal fees.  This strategy is manageable, scalable, and financially efficient.

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      CPA:  Keep good records!  Get systems in place to track purchase price, repairs & maintenance, and capital improvements.  Keep itemized receipts for everything and keep things organized monthly.  If you’re running a business, including managing AirBNB’s yourself with an average stay of 7 days or less, you’ll be subject to self-employment tax.  Be sure you have made the proper tax election.  Generally the S-Corp election for active income producing businesses is the correct tax election.  Generally, long term rentals should be in a disregarded LLC or an LLC taxed as a partnership.  NEVER hold rentals in an S-Corp or LLC taxed as an S-Corp.  It will cause all kinds of problems later on.

This “Financial Readiness Checklist” list from a 30,000-foot view.   The devil is in the details.  If you’ve not put these pieces in place, consider taking some time out of your busy day to ensure you’re covered from a tax, legal, and estate planning standpoint.

 

With NCH, the state’s top business formation service, you can register your LLC in Nevada quickly and easily. Our specialists will help you choose the right entity for your company and understand why an LLC in Nevada is your best option. We’ll assist you with all necessary Nevada LLC forms, including the vital Articles of Organization, and help you comply with state regulations. In addition, we offer expert assistance with tax compliance, credit building, and payroll management. Schedule a private consultation to explore effective solutions to minimize tax liabilities and protect your wealth. Start unleashing your LLC’s full potential today with NCH. Schedule a consultation with Adam Kintigh today!

DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.

Tags: Business in Nevada, Corporation, Entrepreneur, Incorporating Your Business, incorporation, Nevada Corporation, Nevada LLC, New Business, small business, Start a Business

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