Originally Posted by tryan
Even then many scew-up ... I was incorrectly guided into filing for a C corp :P :P.
Got a nasty lesson in double taxation. Then refiled for an S Corp. Only to learn about MA annual filing fees and accountant fees ... can't "play office" with these things.
I hope they refunded your fees. That is outrageous.
Devo, if you are the sole owner (no spouse, no one else), a single member LLC (if allowed in your state) is totally ignored for tax purposes and is very cheap and easy to set up and maintain. Make a quick call to a lawyer in your state to find if you can do a single member LLC and what it would cost.
But I do agree that of utmost importance is having good insurance coverage. We live in a four unit building we own. To preserve the benefits of reduced homestead taxation in our state, we own it in our names. But we have good insurance and a healthy umbrella. And it goes without saying that we keep it maintained and treat our tenants well.