How different corporate structures work and how to choose the right one

As a lawyer in Nashville, Tennessee, Brian Boyd helps clients with real estate, construction, and business matters. It is with that knowledge that he and his wife, Dawn, have grown their portfolio to a six-figure income. Brian earned his BA from the University of Tennessee—Chattanooga, a JD from Samford University’s Cumberland School of Law, and an LLM in Taxation from Georgetown University Law Center. When not practicing law or working with Dawn on their real estate ventures, Brian can be found on the Brazilian Jiu Jitsu mats at his local gym. His newest book is Replace Your Income: A Lawyer’s Guide to Finding, Funding, and Managing Real Estate Investments Today Brian talks about corporate structures, how they differ, and what you could be doing to protect your assets. Episode Links: www.briantboyd.com. www.boydwills.com --- Transcript Before we jump into the episode, here's a quick disclaimer about our content. The remote real estate investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Michael: What's going on everyone? Welcome to another episode of The Remote Real Estate Investor. I'm Michael Albaum. And today with me, I have Brian Boyd, who is a legal tax professional as well as an author and active investor. He's gonna be talking to us today about what we need to do to protect our rear ends. So let's get into it.   Brian, what's going on, man, thanks so much for taking the time to hang out with me today. I appreciate you.   Brian: Hey, Michael, thanks for having me today. I'm glad to be here.   Michael: I am super excited to chat with you. Because you are a legal attorney and investor something we don't often see too much of.   Brian: Yeah, I am. I started out in Washington, DC as a tax attorney at a company called Ernst and Young. And over the years, I got into real estate and investing because I was representing a lot of contractors and developers and started looking at the way they were doing their businesses. And from there, I started tweaking their models trying to figure out well, how can I make this a little bit more tax efficient, create a little bit more loss with a lot more cash flow. And so that's when my wife and I in 2017, decided to get into real estate investing on our own. And now we're up to 25 doors, and we're cash flowing just fine. You know, in, in fact, maybe in the next year or two, she could step away from her full time job. And we'll just manage real estate.   Michael: Man, I love it. And so is your background in tax or on the legal side of things, or both.   Brian: So I have a JD and I have an LLM, which is a master's degree in, in law. But It specializes in tax. So yes, I do corporate formations. I do business transactions, helping people the real estate, anything and everything to do with businesses, individuals and their finances. In real estate investing. That's what I do. So there was a time I used to go to court, but I don't go to court anymore. My partner goes to court, and I just do business transactions and real estate investing.   Michael: Man, I love it. And before we get everyone's hopes up, you are located out in Tennessee. But is that the only state in which you practice in? Or can you help folks all over the place?   Brian: So I am licensed in Tennessee and Vermont of all places. My partner is licensed in Tennessee in Maryland. But if it has to do with federal law, I can work all over the country. However, if people are asking specifically about California law, I'm not your guy, call a local attorney speak to a local attorney. But from a structural standpoint, I can give you the basics and kind of point you in the right direction. But unless you're in one of t