CPA vs Lawyer regarding whether or not to set up an LLC

[Brandon Montgomery]

I am under contract for my first rental. My only question is do I need an LLC and if so (or not), would I need to speak with a CPA, lawyer, or both, regarding this? Thanks In advance!

[Robbie Young]

I'm an attorney so I feel I have more insight into this. The problem with professional CPA or Attorney advice on wealth protection is that it is going to be extremely conservative. An attorney or CPA does not want to tell you no you don't need a LLC and then you are sued and they are being sued for giving you bad advice. If you come in to my office and pay me for advice, there is really zero chance of anything negative coming back toward me by telling you to set up an LLC. However, there are a number of real world reasons not to use a LLC when getting started.

Second thing to keep in mind is that most attorneys only know the basics about wealth protection. Only attorneys who do this for themselves and attorneys who do wealth protection for multi millionaires really know this area. The problem with the multi millionaire representative attorneys is that their advice is usually always to millionaires and not those starting out.

Search my post from a few weeks ago and you can see where I and others gave advice on whether you should use a LLC.