Let Your CPA Do The Worrying - LLCs
For starters, I am still in the process of researching and developing my business. I've read some articles on LLCs and have decided to form one in the near future. I have not sat down with a CPA and I plan to soon. I would like to get some references from local investors first.
I was in a discussion last night with someone who believes it is important to have a separate LLC for each property especially if you are holding. I've read that suggestion elsewhere and understand that it may be a good way to protect personal assets and other properties should something go wrong.
My issue with that is the routine maintenance of these things. They don't seem as easy peasy as some people make them out to be. The woman told me to let my CPA worry about that.
My question is how many of you pros actually leave all of that up to your CPA? Shouldn't smart investors have a basic understanding and continually educate themselves even in areas that are not their expertise. I would want to understand as much as I could.
Another thing that came up was all the things you can do within an LLC like purchasing a luxury car and it's a write off.
I don't know and maybe this is a silly topic but the more I read on this site it seems the most successful investors try to understand every aspect of their business.
Any feedback is appreciated.
Thanks