North Carolina Airbnb LLC

[Mike Szabo]

Hello all,

I need some advice on an LLC for an Airbnb at our primary residence. My wife and I have two other Airbnbs that we have always kept in an LLC( one llc for each). However, i know that since this third one is located at our primary residence, it changes things. It is a apartment located above a detached garage. My question is, should we still operate the business of the Airbnb in an LLC even though the property cannot be put in one? Should we just get a big insurance policy? Any other options? Any help is greatly appreciated. Thank you.

[Terrell Garren]

"you should really speak to your CPA and legal counsel who can advise you accordingly" 

Good grief, some people would recommend a GC to change a light bulb.  There are myriad BP posts and YouTube vids regarding use of LLCs.  My personal rule of thumb - 

If net worth < $1M, then $2M umbrella policy. If networth > $1M, then $2M umbrella policy and LLC.

I like simple - 21 SFHs, one checking account, 1 LLC, 1 spreadsheet, 1 Cozy account, 1 mobile phone, 1 old Ford Ranger, 1 wife. Life is good.