They are pass through entities, so you can record the same expenses *David listed as a sole proprietor.

@Alexander Merritt An LLC could serve as the holding company - we do not have LLCs in Canada, so your choices are to own in your own name (sole proprietor) or within a corporation (like a C corp in the U.S.A.).I would consult with your real estate attorney and CPA before setting up any ownership hierarchy (nested or serial LLCs, C-Corp, S-Corp, etc) to see what best fits your current and future needs.  

Assuming you have an indepedent contractor (as opposed to employee) relationship with your broker, you will be paid via 1099, and it doesn't matter if you take that income as an individual/sole proprietor, LLC/partnership, corporation, etc.You should speak with a tax professional to determine how best to receive the income based upon your overall tax/financial situation.

As a sole proprietor you can contribute a 20% profit share after making up to 17,500 in elective deferrals.

Paul:Would you be working as an employee or contracting- either as a sole proprietor or corporation?

Work Comp insurance is much more expensive than general liability insurance in most cases and sole proprietors can legally not purchase work comp insurance when they are the only employee in most states.

I want to make sure that it all goes through my LLC instead of me as a sole proprietor.  

There is no equivalent to an LLC under Canadian tax law - you are either a sole proprietor or a corporation.An LLP is available to certain professions only and is not intended for use as an investment / holding company.

We decided to go with umbrella insurance rather than setting up an LLC, so I'm assuming that we'd check "individual/sole proprietor" and include personal info for one or the both of us - just wanted to make sure before we send everything off.Unfortunately, the person we're working with at IHA hasn't given a definitive answer, so I thought that I'd ask people with experience.

LLC’s with just one owned-member however, are taxed as a sole proprietor and no separate tax return is required.