Hartford Ephedra Attorney

There are many ways to own real estate, including as an individual, a partnership, and a corporation. There is also great variety among partnerships and corporations. All of these forms of ownership have particular advantages and disadvantages in terms of protecting assets -- personal bank accounts, homes, and the like -- and tax consequences. Although it is highly advisable that attorneys and tax professionals be consulted for guidance in selecting a form of ownership that suits individual needs, smart real estate investors need to be familiar with the forms of ownership that are most commonly utilized.

Sole Proprietors, LPs, S Corporations, and LLCs

Sole proprietorship: Buying property in the name of one person or in the names of a married couple or two or more individuals is the easiest way to start investing in real estate. The names of the individual owners are listed on the deed to the property, on the mortgage documents, on the property insurance policy, and in all of the relevant government records. However, just because sole proprietorship is the easiest form of ownership does mean that it is the best way to go. Sole proprietors are personally liable for claims made against them by creditors, persons injured on the property, and tax entities. In other words, being a sole proprietor does not put personal assets beyond the reach of others.

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