Caris Property Management
Caris Property Management – Gary Caris represents receivers and creditors in federal, bankruptcy and state courts. At every turn, Gary is committed to maximizing recovery for the receiver’s estate or creditor by achieving cost-effective results, whether in or out of the courtroom.
Gary represents receivers who have been appointed in enforcement actions brought by various federal agencies, including the Federal Trade Commission (FTC), Securities and Exchange Commission (SEC), Consumer Financial Protection Bureau (CFPB) and Commodity Futures Trading Commission (CFTC). He has represented federal equity recipients in more than 45 such actions across the country. Because each receiver’s case is unique, Gary brings his legal creativity and problem-solving skills to each case.
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Regarding complex bankruptcy proceedings, reorganization proceedings and commercial litigation, Gary regularly advises financial institutions and other creditors. Relentlessly results-oriented, Gary works with his clients to understand their goals and consistently achieve such goals through diligent advice and superior strategy.
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By definition, an LLC is a limited liability company and is a business structure. Setting up an LLC can be a simple process if you know all the required steps and an LLC can be set up with a business partner, a group or just by yourself. If you have an LLC, everything is set up for your rental property, each partner or group will be an active member of the LLC.
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To set up an LLC you will need to do a search for the requirements depending on where you are in the world as they are all regulated on a state-by-state level and the process for setting one up will all depend on which state your property/properties are located. Going into all the different processes for each state is beyond the scope of this article, but a simple Google search for LLC setup processes + the state you are located in will answer all your questions regarding setting up an LLC in different states. If you are outside the United States, the same search will apply. By doing this Google search you will also be able to get all the fees for the LLC setup process as well as in-depth resources on this topic. If you have any questions or concerns about the setup process, please feel free to contact us and we will be more than happy to help you with your questions.
If youhave a rental property or multiple rental properties, you want to keep your rental properties separate from your personal belongings and you also want to keep your properties separate from each other.
Keeping all your properties separate from each other will be very beneficial to you and the way to separate all your rental units from each other is by setting up an independent LLC for each property unit you own. This works in your favor if something comes along that could put all your properties at risk. For example, if someone were to take you to court and sue you for anything related to one of your properties because all of your rental units have separate LLCs attached to them, the lawsuit will only affect the one rental unit in question and all your other property units will be safe and you will not be at risk of losing rental income on your other properties because of the lawsuit.
When you set up your rental property as an LLC, you get tax benefits by doing so, and this is one of the main reasons why you want to set up your rental property/properties as an LLC. When it comes to rental properties, there is something called taxation and this is one of the main advantages of a business owned by an individual. Typically when a business or organization makes a profit, they are taxed on those profits and then the owner of the business or organization is taxed again when they turn an income from their business.
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This does not happen if you have a rental property LLC because the income and profits generated from the rental units will be able to pass through to the person who owns the rental property/properties aka the company or organization. So when income is generated by your rental units, this will go directly to your tax return (you as the owner of the units), thus reducing the amount you as an individual will have to pay in taxes for your rental units quite significantly. A win – win situation. This is why we highly recommend that you set up all of your rental units and an LLC to take full advantage of this.
It is always the best decision to keep all your personal and business expenses separate. This just makes things so much easier when it comes to paying bills and when it comes to tax season, you’ll have everything organized and ready to go. In the LLC setup process, you will create a completely separate bank account for the LLC from your ownership unit, that way all your expenses from your LLC ownership unit/units will be separate from your personal expenses, which is great.
So in case you need to make a claim for a business expense, it is very clear where the expenses come from, because everything is separated in different bank statements, making the process of claiming expenses in your business much easier .
You may ask how to keep track of all expenses for your LLC ownership entity and the quick answer is that you can hire an accountant. Hiring an accountant is the most expensive way to do it, but will also save you the most time and frustration when it comes to paying taxes or claiming expenses within your rental business.
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Another great and affordable solution is to use accounting software that you can use on your computer, phone or tablet. One that is highly recommended in the online business world is Quickbooks and generally has the best ratings in the industry and some of the best customer service and tutorials so you can learn exactly how to use the software step by step can be used with text and video walkthroughs.
You may be asking yourself at what point do I create an LLC for my rental property? Is it better to create an LLC before I buy my rental property/properties or after I buy it? The quick answer is that you can take full advantage of all of these LLC benefits regardless of when you create your LLC, however we always recommend that you create an LLC for your property unit before you make your purchase of the property. This is because if you form your LLC after you have made your purchase, there will be many more additional steps that you will need to complete to get your LLC all set up. Let’s dive into some of the additional steps you’ll need to take once you’ve created your LLC after purchasing your property.
This step will create a lot of extra work for you to do because you will need to inform all of your tenants that your property is now operating under an LLC and you will need to draft and create any new lease agreements that your tenants will then need to sign . This is a lot of work, especially if you own multiple properties and then create an LLC for each of them.
Some tenants may also not like the idea that your property is now operating under an LLC and may not sign the new lease, which will result in losing tenants due to this, which
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