Do This Before Setting Up an LLC

Summary

This video provides five essential steps for any entrepreneur, including STR hosts, to take before and during the LLC setup process. Tax expert Karlton Dennis advises on choosing the correct state for registration (your home state for most businesses, but the property's state for real estate), using a virtual address for privacy, setting up bookkeeping from day one, choosing a strategic business name, and creating a formal operating agreement for partnerships. Following these steps helps avoid common mistakes that can compromise personal privacy, create partnership disputes, and limit tax planning opportunities.