Do You Really Need an LLC for Your Short Term Rental Property?
Summary
In this episode of The Short Term Shop, real estate attorney Bonnie Galam explains the legal aspects of using an LLC for STR investing, and provides insight on liability, and asset protection. She emphasizes the importance of consulting with a CPA to decide if an S-Corp election is appropriate. She also touches on managing contracts to avoid disputes and protect yourself with appropriate insurance.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
Curated by Learn STR by GoStudioM