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Updated almost 4 years ago on . Most recent reply
Tax/business structure advice for STRs in Sevierville, TN
Hi everyone! We just closed on a cabin in Sevierville, TN and need some help getting the business license and tax situation figured out. This is our first STR, and we live out of state in Seattle.
Since we went with a conventional second-home mortgage, we aren't allowed to put the property in an LLC. My wife and I are running the show - is it best to go with a partnership for the business license? Or sole proprietorship? Or best to talk to a lawyer about it?
Also, for the business address, I'm assuming we just put the address of the cabin itself, and not our Seattle address?
We're hoping to do a couple more of these, not necessarily in the Smokies though.
Thanks in advance! This community is great!
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
Whatever or whoever name(s) are on the title are the same names on the business license. Also, You are a sole prop not a partnership.