Firmbach & Firmbach CPAs - Serving the Great Hudson Valley for over 50 Years
ARE YOU EXPOSED?

TO LOSE ALL YOU OWN

If you don't have an umbrella Insurance Policy covering your car, home and business -
YOU ARE EXPOSED! (Umbrella Insurance Policy adds to your over all liability coverage at minimum cost)

If you own rental property and don’t have it covered with an Umbrella Policy -
YOU ARE EXPOSED!

If you own rental property you should put it in a LLC (Limited Liability Company), thereby reducing your personal liability if you have a catastrophic event.

LLC (Limited Liability Company)
Types
  1. Sole proprietorship – You recorded income/loss on rental schedule on your 1040.
  2. If there are two or more people you must file a partnership return.
Advantages
  1. LLC is only liable for accident
  2. With partnership it gives management advantages, including different income allocations
Disadvantages
  1. Set up cost must file with New York State and must advertise Cost $400 to 1,500
  2. Must pay annual fee’s to New York State
    1. Sole proprietorship $100.00
    2. Partnership with 5 or less members $500.00
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