In today's show, Larry and Kandas discussed asset protection. They talked about different types of entities, its pros and cons, and what you need to set up your business. Don't miss this episode!

Topics:

• Types of real estate: - as a business - as an investment
• Buying and selling properties
• What a pass-through entity is
• The need to have entity for your investment
• Two different operating agreements - as a business - as an investment
• Types of entities
• Where LLC (Limited Liability Company) are set up and how you can reserve your entity name
• Different asset classes
• Setting up entities
• The problem with setting up an entity in a different state other than the one you live in/doing business in
• The state of domicile
• Purposes of Certificate of Authority to transact business in any state that you do business in
• What you need to keep in mind when securing Certificate of
• Authority to transact business
• Ways corporations are taxed: - C Corp - S Corp
• Advantages and disadvantages of C corp
• What sole proprietorship is
• What land trust is
• Buying a property in a trust
• Advantages and disadvantages of checkbook IRA

Quotes:

• "Whenever you're buying and selling real estate, you only want to have as much assets in an entity as you feel comfortable with."
• "Make sure you don't do the certificate of authority to transact business unless you have a closing coming up."
• "A Land trust provides anonymity but it doesn't provide asset protection."