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Is it beneficial to my partner and I if we were to open a legitimate business renting out properties?

We live in NYS, he already has one two family home, however; doesn't do a good job with the bookkeeping, etc. We would like to make this a partnership and assume another property to rent out. Does it make sense to become an official business and obtain a TIN and operate under another name, or will this just hurt us when filing taxes? We are not married

Asked By: Ester - 7/17/2012
Best Answer - Chosen by Asker
The thing with not becoming an official business is that if you get sued you can lose EVERYTHING and even some you don't have. To compare apples to apples run on which is more beneficial ask the accountant it sounds like you might need to hire. It won't cost that much, especially when you have someone who can provide... More
Answered By: Apollenaire - 7/17/2012
Additional Answers (1)
First, put each rental property into its own LLC, with its own TIN, bank accounts, etc. This will protect your assets from potential liability losses which could exceed your insurance. I have seen people win awards in excess of the insurance and the value of that property, and the owner had to pay out of their pocket... More
Answered By: Casey Y - 7/17/2012
 
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