Starting an LLC

[Charlee6]

Am I able to start an LLC as a host for Airbnb in Woodstock GA?

[Vasilike0]

Hi Charlee. 

I recommend that you start an LLC. This way your property is the business, and all your other assets are protected. You also then can claim expense tax deductions, on the income you make thru Airbnb.

[ChrisandDave0]

I set up LLC but ABB says they wont manage the taxes, as they do w/property in my name, for my LLC. Any advice on how to manage this for LLC? Many Thanks, Dave in MA

[Lorna170]

@Charlee6   Do a little research (the library is a wonderful place to start) and then look at some of the websites that will describe the whys and how-tos of creating an LLC.  If you happen to know a real estate professional/lawyer or a tax accountant, talk to them about an LLC  and how to use it.

We have independent rental properties and they are deeded to our LLC.  This was at the recommendation of our tax accountant and attorney.

[ChrisandDave0]

Lorna - I have set up LLC for reasons you described but ABB says they will not manage taxes, as they do now, for the LLC. How have you managed this? Appreciate your insights. Dave in MA

[Lorna170]

@ChrisandDave0   My property is in an LLC but my listing is in my name as the member of the LLC.  Airbnb collects and remits the taxes to my state, county and municipality.  I file my paperwork with each tax authority stating that AIrbnb has paid it.   I am not sure why it would be different for you. 

[ChrisandDave0]

Thx! I figured it should work. They do it now for my current profile. When I switch to an LLC there is a field for entering the E number for the LLC. So it appears designed to manage it. Not sure why the chat agent said no?

[Brian2036]

@ChrisandDave0 

They do it for us.

They don’t withhold federal or state income taxes, but I don’t want them to.

[Niki299]

Does anyone know how to convert the Airbnb account from being listed under your personal name to being owned/controlled by your company/LLC?  My primary reason for wanting to make this change is for liability reasons such that if a guest were to sue the host, that the host is my LLC rather than myself.  Thereby providing me some liability protection.

[Lorna170]

@Niki299  IMO, you dont need to convert the Air account.  As a member of the LLC, you can have an advertising account in your name as host, but offer the accomodation that is in the LLC.  To further protect yourself and ensure that the LLC is the rental agency and has the insurance and liability coverage, provide each guest with a rental agreement in the name of the LLC. 

My property is deeded to the LLC, insurance is under the LLC, taxes are under the LLC, and renters get a contract from the LLC.  I am, like AirBnB, the "agent".