Legal Question in Business Law in Nevada

I have a partner and we are planning on running a vacation rental property in Las Vegas for short term renters, and right now we are not structured in any type of company, I want to know what your best advice would be as to how to be structured to best be protected against any damage or possible legal problems or how to best asset protect ourselves and shelter ourselves from the IRS? Should we operate as an LLC? A Partnership? Or just as regular people as we have been doing?


Asked on 9/25/10, 9:35 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

You need to be either a corporation or LLC. If someone slips and falls in a rental unit, you don't want to get sued personally. I don't give tax advice but don't use the word "shelter" because it sounds like tax evasion. You want to minimize the taxes you pay and you can set it up to allow you to take deductions for things you may pay out of pocket now, such as a car, health insurance, home office, etc. No matter what you do, you need to not operate as a partnership or regular people.

If you would like an appointment to discuss and set up the proper entity, you may email me for an appointment. [email protected]

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Answered on 10/02/10, 9:19 am


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