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Updated about 6 years ago on . Most recent reply

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Peter Foster
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Business Structure in GA for rental

Peter Foster
Posted

My wife and I bought a condo in GA in 2013. We lived here for 3 years and then started renting it and have had great success so far. 

I have a question about structuring the rental within an LLC. The loan is in our name from the original purchase. We have an LLC set up and the lease and all payments go to the LLC. Our bank does not allow transferring the title into an LLC. We file a schedule E for the rental. Bank account is set up in the LLC name and EIN.

I also have a side business of consulting that I started this year. Very minimal income this year but am hoping to ramp things up next year. Can the LLC cover both? Should it? Or, should I file a DBA for the rental/consulting business? Or should I have 2 separate LLCs?

Thanks in advance

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