Welcome

We are not professionals, nor should any of the content here be used without professional validation to make decisions for your situation. Since entries appear with the most recent on at the top, if you would like to read in a chronological order start at the bottom.

If you feel that the experience shared here has helped you save time and money please consider donating to help spread the costs of acquiring it. Any contribution is appreciated. By way of thanks, anyone who donates will receive bonus materials:

- Current copy of detailed notes

- A sample accounting spreadsheet we use instead of costly accounting software

- A sample Statement of Qualification and Operating Agreement for an LLP

Thanks and good luck with your property!

Tuesday, December 29, 2009

Insurance

You need Insurance on the property to go into effect on the day of closing. Hopefully your Real Estate pro’s contacts include a good insurance agent.

Preferably, if you are using an LLC or LLP, the insurance should be in the name of the entity and be paid from the entity's bank account.

If you are going to rent the property out, you need a landlord policy
Posted by at

2 comments:

  1. commercial general liability insurancJanuary 29, 2011 at 12:27 AM

    You said "if you are using an LLC or LLP, the insurance should be in the name of the entity and be paid from the entity's bank account." is it necessary to pay with entity's bank account i think cash can also be paid?

    ReplyDelete
  2. cewusp@gmail.comAugust 3, 2011 at 2:10 PM

    Sorry about the late reply. Just doing an update and realized I didn't see this question before. Regarding the necessity of paying for LLP expenses from an LLP bank account: My thinking on this is that if I set up an LLP to operate as a business, and if I want that to be taken seriously if there is ever a litigation problem, then I should actually run it as a business, and not combine partnership finances with personal finances. I suggest checking out "piercing the corporate veil" through a search engine.

    ReplyDelete

Subscribe to: Post Comments (Atom)