My fiance and I are going to buy a property to rent out to people. It is 3 units and I was wondering what kind of taxes etc. or licenses I would need to have to do this.

1. You will first need to obtain a federal tax id number to identify your partnership and business for tax filing purposes. This number will stand in for you or your partners ss# in tax documents pertaining to the business.

2. Next, you will need to file for a dba, an assumed bussiness name, which will establish your business as a seperate fictional entity from either you or your partner, and allow you to open a bank account in its name. This will also make it possible to file tax documents for the business seperate from yourself.

3. The third step is to register your business on a local level with a business license. This license is not always called as such, but always serves the same purpose, registering your business with the local government, and certifying it as legal in it's operations and in its location.

4. It is advisable, perhaps, to file for an LLC, or Limited, Liability Corporation. This structure for your business would allow you to severely reduce your personal liability for business activities, as well as tailor business bylaws and rules to your desires.

To rent property you are reuired to get a business license, a dba and a federal tax id number to identify your partnership.

It may also be advisable to file for an LLC to limit your personal liability in business matters. This will void the necessity of filing for a dba.

07 - Here are the licenses and tax ids you are legally required to obtain before starting business operations: 1. A business tax registration license 2. A DBA assumed business name 3. A federal tax id number if you are a partnership or you want to use it instead of you social security number to open a bank account. Also, note that forming an llc or incorporating eliminates the requirement of getting a dba. It is a good idea to form an llc to avoid personal liability from business transactions.

All of these documents can be acquired online at www.businessnameusa.com.

Simply fill out our online questionaire, complete the information form as completely as possible so as to speed the filing process along, and then complete the payment form, and we will begin work on your imediately.

www.businessnameusa.com

P.O. Box 14927

Long Beach, CA 90853

310-455-6675

1. Unless you file for a federal tax ID number, one partner will have to file for business papers with their social security numbers, and will, in effect, claim complete and total legal and financial control over the entire business. What's more, without a federal tax id number, you can not hire employees.

2. Without a dba and the following legal framework that it creates, then it becomes possible that any bank deposit made outside the name of the bussiness could be viewed as embezzlment. It would also be difficult if not impossible to file tax documents in the name of the business.

3. Failure to register or license the business with the local government, it can result in fines, misdemanor charges, and legal halts on business operations.

The cost of all these services from our site is roughly $250.00