Posted by Rich-CA on May 20, 2007 at 22:29:42:
I never said that. I said personal liability does NOT cover overflow from a business liability.
You make it sound like you’ve found a lending institution that lends to an LLC for residential mortages. But then you tell me (us) to keep looking. Have you found such a bank? If so, which one? Please share and I’ll call them tomorrow. Oh, and I mean mortgages that are basically the same interest rate as for ones requiring they be in my name.
Business setup - Posted by Keith Francis
Posted by Keith Francis on May 16, 2007 at 08:02:56:
Hello, I have been investing since 2000 but all my deals were done under my name. I intend to start investing full time but I need to setup a business to conduct future transactions. I’m not sure where to begin. Can anyone help me on this subject? Much appreciated, Keith.
Re: Business setup - Posted by Rich-CA
Posted by Rich-CA on May 16, 2007 at 13:54:03:
Are you planning on having employees? You already have a business - the most common kind - the sole proprietorship. You really should look at what you want to accomplish with a business and then decide what form it should take. It may be that you do not need to change anything yet, just increase your insurance coverage.
Here’s a problem with a corp/llc I found out from my insurance agent. You personal policy coverages do not extend to liabilities that overflow from the business.
Re: Business setup - Posted by Bob in New Jersey
Posted by Bob in New Jersey on May 20, 2007 at 21:01:14:
What made you think that your personal insurance policy would cover your overflow liabilities from a business. Get a seperate insurance policy that covers you business period. Better yet, set up an LLC with a lending institution that does not require you to be personally liable, that is sing a personal guarentee. Yes it will be hard to find that lending institution, but keep on shopping and you will find it