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June 18th, 2009 | 
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Question: I am planning to buy a small vacation home/rental - Business Name or Personal Name?
I have an online side business which is set up as an LLC (I am the sole owner/sole employee). If I purchase the vacation home I may use it for rental income. Should I buy it under my business name or my personal name?
I would think the business name 1. to save taxes (small biz taxes are a killer) 2. Liability reasons.
Are there any drawbacks in setting it up in the business name?
Answer: if you are the sole owner of the llc, your profit/loss from the llc passes through to you, and therefore there is no tax savings involved. You might be able to help with the liability side of having it be owned by the llc, but not with the tax side. And you might want to check and see what state laws you need to follow for an llc. Massachusetts requires all llc's to pay an annual $500 fee.
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