Episode 40 | The Best Legal Structure for Assisted Living
In this episode of the Assisted Living Investing Podcast, host Brandon Gustafson discusses the foundational steps to setting up an assisted living business, specifically focusing on the importance of legal structures. Brandon emphasizes the need for consulting an attorney to ensure that business structures are established correctly, explaining the complexities and liabilities involved in assisted living operations. He compares different business entities such as LLCs, S Corps, C Corps, and sole proprietorships, advising against sole proprietorships and C Corps for small operations. Brandon also suggests considering separate entities for real estate and operational facets of the business to protect assets. He shares insights into cost ranges for setting up these entities with professional help.
00:00 Introduction to Assisted Living Investing
00:16 Setting Up Your Assisted Living Business
01:11 The Importance of Legal Advice
02:51 Cost Considerations for Legal Services
06:08 Entity Types for Assisted Living
10:38 Final Thoughts and Recommendations
11:16 Coaching and Mastermind Program
12:06 Conclusion and Next Steps
Resources Mentioned:
Visit our website, AssistedLivingInvesting.net, for additional resources, including our year-long mastermind program and free underwriting calculator.
Get your free business plan checklist today: https://urlgeni.us/alibpc
Learn about the Assisted Living Investing Mastermind: assistedlivinginvesting.net/mastermind
Apply for the Mastermind today: alimastermind.com/application
Learn the five steps to help you start an assisted living business: https://youtube.com/live/dRVCa80SOyM
Get the 12 Week Year Book: https://amzn.to/4bAOpQf
Who Not How by Benjamin Hardy : https://bit.ly/whonothowbooklink
Courses:
- Do you need guidance on your journey to launching your assisted living business: https://urlgeni.us/aliala
- Do you need help building your business plan: https://urlgeni.us/alibpg
FREE Resources:
- Business Plan Checklist: https://urlgeni.us/alibpc
- Calculator: https://urlgeni.us/alicalc
- Lease Agreement Template: https://urlgeni.us/alila
- ProfitPath Analysis Tool: https://urlgeni.us/aliprofitpath
- Grant Writing Template: https://urlgeni.us/aligrant
Need help with your payroll? Get Gusto: https://gusto.com/i/brandon9590
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