In recent years, there’s been an upward trajectory in the need for assisted living services, and it will continue to grow for the years to come. If you plan on starting your residential assisted living services, here are some of the things you should know.
Advice for starting a residential assisted living services:
If you own the property, it is highly recommended to create a limited liability company for your property. But if you don’t own the property, you lease the property from a third party. Do not conduct your residential assisted living business through that limited liability as it can subject that property to risk.
2. Ensure that the property is well-maintained as you will be dealing with elderlies and caregivers because your company will be held responsible if any of them get hurt.
3. Create a separate entity outside of your LLC to be taxed as a corporation; this is where you conduct your residential assisted living business. This is where you will do all your advertising for the individuals that will be under your care. The corporation will also be accountable for the caregivers and elderlies under your care.
4. You may want to trademark your company to ensure it doesn’t have to deal with any same names in different states in America. This move is highly advisable if you plan on going big and moving outside of your state.