Thanks for advice, I need some more clarity.
I own 15 rental properties, with my Husband on the dead. 15 mortgages.
My husband employed by another company.
I am a MA resident, majority of Rental buildings in RI.
Since, LLC is an entity that's created by state not FEDERAL (IRS).
I can file as a SINGLE member LLC, and proceed filing 1040 and
REPORTING my income on Schedule E. (Makes the accounting process easier)
How will the state know, I have an LLC, I simple pay by annual MA's dues?
Can, I bundle few properties together? This creates some liability protection?
MA's LLC fees are quiet costly $500.00 per LLC.
How is a single LLC different than SERIOUS LLC, Delaware Serious LLC?
Is it treated the same. OR MORE LIKE partnership. It will be a nightmare accounting wise.
Liability protection is one of my CONCERNES.
I am estimating this year I will generate 60K profit from rental business.
Perhaps, I should charge a fee for managing the properties. But I will
Incurred: Schedule C self employment tax etc.
I have a ROTH IRA account; I put away maximum 6K,
But that's not enough. HOW DO I STRUCTURE MY RENTAL BUSINESS?
Looking forward to receiving sound advice from you.