Business Entity for a Married Couple?
Hello BP!
My wife and I are new investors and are looking to buy our first property.
We want to make sure that we set up a good foundation to start our journey.
We are trying to decide if we need to start with a business entity or not? and if so which one?
From what we understand we should have a separate business bank account for our rental income.
But do we form a partnership between the two of us to set up this business account? or an LLC or an S corp?
Can we just open a business as two sole proprietors and never set up an actual business entity between us to start?
Eventually if we want to have a LLC for liability protection can we then transfer the titles to an LLC? Will this cause problems with mortgage companies?
Hope some great minds won't mind giving great advice!
Thanks in advanced,
Alex