I am forming a team/business partner to start on real estate investing, and I want to ask if we need to get some kind of formal business licence such as an LLC...or we can just do it in personal/individual level?
@Katie Huynh no you do not...you can start investing/buying personally.
But from a legal liability standpoint and tax purposes, its your best option to file an LLC.
If you are dealing with partners, I would highly suggest creating an LLC entity AND have it include a an operating agreement that covers who does what and how you will eventually dissolve the company/dispose of the property.
Disclaimer: I am not an attorney nor do I play one on the internet.
I agree with Clint bc you have a partner. Protect the relationship.
Without him/her tho a good umbrella policy will be ok for first one or two.
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