Boise Idaho Business Guide: Landlords
All landlords of rental properties no matter if they are used as long term or vacation rentals should for an Idaho LLC. Here are three important reasons why you should never accept rental money or pay for repairs, maintenance or improvements in your personal name.
LLCs Protect Your Assets
The main reason people set up LLCs is to protect their personal assets. An LLC shields you personally from being sued and risking the loss of your own home, banking accounts, vehicles and more.
LLCs Have Business Expenses
If you operate your rental as you personally and do not form an Idaho business entity, you are missing out on some serious financial benefits. By using a business to operate the rental property you can use expenses and deductions to offset most of the rental income.
Keep Your Money Separate
If you do set up an Idaho LLC, be sure never to mingle your LLC money with your personal money.Click for Boise Payroll Service Click to Form an Idaho Business