This is a battle that you need to prepare for if you are going to be involved.#2: Those kids do not need to be with the parents.

Most P&L templates list legal as OE but I’m guessing when the business needs to spend additional money for legal on contract doc preparation brought on because of a unique deal of which existing contract templates don't cover…that would be recorded to COGS?

@Steven Hamilton II I am a CPA preparing tax returns and financial statements for real estate investors and other small business owners.

@jimmy Stewart,You may have to acquire the EIN for the IRA; however, many of them will not prepare a Form 990(the tax return) for the SDIRA if one is required.

Stronger CRE lenders generally ask for a schedule that demonstrates your overall contingent liabilities, how long the project has been in process, the total amount drawn against the loan commitment, etc.Ray Alcorn's Dealmaker's Guide To Commercial Real Estate has one of the best chapters I have ever ready on preparing personal financial statements.

It's not a regular expense, but you need to plan on it to be prepared.

They will be learning from you, so prepare to take the lead.

Now I feel like I am better prepared to get a good return on my first investment. 

Had an electrician that did that, he did the work and paid him as a third party where the owner cleared the payment.When we asked he refused.Told him that we would send a 1099 in with his name and business name and date of his corporate filing with an annotation that the tax payer refused to complete the form or give SSN.Then told him, to prepare for an audit.

Figure I may as well be prepared, just on the one in million chance it all does!