How to Open Your Own Residential Assisted Living Facility
If you are interested in starting your own residential assisted living facility, you should watch this video. It is important to structure the business in the best way possible so that you can truly capitalize on your income and make sure that you are protected in the process. You should keep in mind that there’s quite a bit of liability involved because you are going to be dealing with elderly individuals with health problems who might need caregivers in many cases.
You can create a limited liability company for your property if you own the property, or alternatively, you can lease it from a third party. You want to make sure that the name you choose for your business is available in your state so that you can trademark it. All the employees that you hire are going to be under the umbrella of this company.
The activity and the assets need to be separated, meaning that the real estate cannot be inside the business. This is because if you get sued, you stand to lose much more if the real estate is inside the business. It is a good idea to schedule a consultation with a business adviser as well so that you know which mistakes to avoid.