I host under my name, but my payments go to the bank account of my LLC. I've been doing it for two years, and my accountant understands how it all works and we pay corporate taxes and personal taxes. My profile has nothing to do with the LLC, it's just the LLC that owns the property/rents the property, depending on my listing. We do a bit of finetuning every year, as we're learning as we grow - but this is how we work things for now.
Thanks for the feedback, Maria. A follow up question though: The LLC owns the property, but a guest is renting from you personally through the site. If the guest has some catastrophe, wouldn't he/she be led to sue you personally, since it's you that he has a "contract" with through the airbnb platform? In this case, the LLC doesn't provide you that protection you need?
Also, have you found anything else online from Airbnb or elsewhere relating to this? It seems like it's relevant to all full-time airbnb properties?
We just came out with this very content for rideshare drivers and in the process of tailoring it for Homesharing Hosts:
Let me know if you have any follow-up questions.
Hi Jon -
Was just wondering if you found answers to the questions above? We are getting ready to list our home for the first time and are in a similar situation where our LLC actually owns the property. Trying to figure out the best way to list our home to ensure the liability falls to the LLC instead of us personally. Any info would be appreciated. Thanks!
Hi Maria and everyone else,
So in the end, where or how should I incorporate an LLC for a listing in NYC? It seems like there are a bunch of folks trying to offer services to do it, but don't know who to trust or how exactly to do it. Any tips?
A single member LLC (ie. one that has only you as a member) can be created online at sites for legal zoom for less than $200. After that it is a matter of filing the paperwork with the appropriate department of New York State. There are usually some minimal filing fees, etc. You can just google it and it's not very complicated in most states. You don't need a lawyer....unless you have partners and there need to be bylaws etc.