Oregon real estate agent: form LLC to protect personal assets?

[OregonJAM]

I'm soon to be a licensed real estate agent in Oregon, and I'm wondering if I should create a one-person LLC?

My reason would be to limit my personal exposure if I were (heaven forbid) sued and the errors/omissions insurance wasn't adequate enough. I think it would also be helpful for keeping all of my business transactions separate (different bank accounts, etc.) from personal ones.

Thank you for your time!

 

[army judge]

I'm soon to be a licensed real estate agent in Oregon, and I'm wondering if I should create a one-person LLC?

My reason would be to limit my personal exposure if I were (heaven forbid) sued and the errors/omissions insurance wasn't adequate enough. I think it would also be helpful for keeping all of my business transactions separate (different bank accounts, etc.) from personal ones.

Thank you for your time!

You might want to discuss YOUR specific tax situation with a CPA and our insurance agent.

If you purchase the appropriate amount of insurance, you should be okay.

An LLC can be very expensive to create, feed, and maintain.

You might also decide that this occupation isn't what you expected, and you might not make enough money to cover your costs.

Either way, I'd pop for a million dollar policy, and wait until you see what happens after a year or two.

Also, just follow the law and accepted ethical practices and you should be in great shape.