All Forum Posts by: John Cummings

Dawn Anastasi Thank you for your reply and those articles you linked were helpful. From one of the articles it suggested getting an umbrella insurance policy since it would offer about the same protection as an LLC. That sounds like a good idea. But to get back to what you said about not co-mingling personal assets with rental assets would you then suggest still establishing a business (DBA) as possibly a sole proprietorship instead of an LLC? Not as a form of protection but more as a way to separate the finances? Or should I simply hold off until I'm a month or two away from purchasing a rental property before I establish a business relationship?

I'm still about 6-12 months away from starting my search for my first rental property but I have some questions. 1. Should I establish a formal business, (LLC or other business type) 2. What business structuring would give me as the owner the most liability protection, if any? 3. Would simply running all finances through my personal account versus a business account have any affect on my liability? Any and all help is appreciated. Thank you!