Other than that, forming these entities is cut and dry, at least in my state.

I've read that this is the most effective way to go until you grow much larger, where another entity makes more sense than more coverage.Your legal structure will be a partnership if you are "going into business with mother" I'm not too keen on the legalities of a partnership though.

Also, was this personal loan or was it through a business entity?

Any entity structure doesn't help, either.

Question to current Home Owners, Has anyone put their home into an LLC or other kind of entity for asset protection or tax benefits ??

An entity contacted me about purchasing a property thru FL BK court but the property is in AL.

If you choose to create 1 LLC, you can do it in any state, but you have to pay the state you own houses in a foreign entity fee, which is usually the same price as starting an LLC in that state.The benefit of just 1 LLC registered as a foreign entity in any state that you do business in is that it is much easier to manage, 1 bank account, 1 tax return, etc.If you set up an LLC in each state you own property, it will realistically cost about the same and give more asset protection because litigation on 1 LLC won't affect the other.

The IRA is a completely separate entity from you.

Create an entity (e.g., an LLC).

The five of them contribute money into the entity.