Is an LLC needed or not?

2 Replies

My business partner and I are starting out and he was pushing for us to put together our LLC. I am wondering if this is a necessary step and something that needs to be accomplished before we close on our first property? What are the benefits?

Thank you. Yes, I have spoken to residential lenders and commercial lenders. If you have an LLC, hard to get the 30 year fixed mortgage. You go commercial and have the different structure, variable rates, shorter terms...