This episode of the Military Millionaire Podcast, host David Pere explains the circumstances under which forming an LLC might be necessary for asset protection and when it is possibly unnecessary. He discusses the importance of insurance, umbrella policies, the setup of various LLC structures, and shares his personal experiences and recommendations.
What You’ll Learn:
The importance of having insurance on properties and the introduction of umbrella policies are illustrated.
The different ty...
This episode of the Military Millionaire Podcast, host David Pere explains the circumstances under which forming an LLC might be necessary for asset protection and when it is possibly unnecessary. He discusses the importance of insurance, umbrella policies, the setup of various LLC structures, and shares his personal experiences and recommendations.
What You’ll Learn:
- The importance of having insurance on properties and the introduction of umbrella policies are illustrated.
- The different types of LLCs, including solo, partnership, and group LLCs, are outlined and discussed.
- Insights into how LLC can provide tax advantages and how it plays into your investment strategy.
- The steps in creating an LLC, including choosing a name, setting up an operating agreement, and filing with the state.
- And so much more!
Timestamp:
01:46 Understanding Asset Protection and Insurance
03:50 Different Types of LLCs and Their Uses
08:15 When You Might Not Need an LLC
09:58 How to Set Up an LLC
12:13 Conclusion and Final Thoughts
12:45 Special Offer and Closing Remarks
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My name is David Pere, I am an active duty Marine, and have realized that service members and the working class use the phrase "I don't get paid enough" entirely too often. The reality is that most often our financial situation is self-inflicted. After having success with real estate investing, I started From Military to Millionaire to teach personal finance and real estate investing to service members and the working class. As a result, I have helped many of my readers increase their savings gap, and increase their chances of achieving financial freedom!
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