Starting my own Appraisal Business

[Timbo813]

Hi everyone,

After working for a company for many years, I've decided to start my own appraisal business. Although I hold the MAI license and have been doing mostly commercial work, I also have an SRA and really want to go back doing residential appraisal, which is how I started my career 20+ years ago. I'm confident I can succeed, but I have a few questions I hope you can help me with.

1. Can I just operate as a sole proprietorship or do most appraisers create a Subchapter S or LLC? I'd prefer to keep it simple and will get E&E insurance, but just wasn't sure if most appraisers go down the LLC route.
2. Do you operate under a fictitious name, or do your clients just make the checks out to you personally?
3. Do you have a separate bank account for your business?

Any other suggestions for organizing a new appraisal business? I will be working from home.

Thanks for your input!

Tim

 

[timindp]

I do mine as a sole prop. No need for a corp unless you want to pay additional corp taxes. I keep 2 bank account, 1 personal with 1 bank, 1 business with 1 bank. Anything business related is 1 of the backs. That's how I have been doing it for many years. Checks are made out to me.

 

[The Warrior Monk]

I have an S Corp. set up for the business, with a bank account set up in the company name. All payments are made to the business.