Tax Attorneys & Accountants
At this point it would be good for me to mention, that unless you have a lot of business and finance experience, you will probably want to find a good Tax Attorney and a good Accountant. Tax Attorneys along with your accountant can help you make some decisions on purchasing your building. For example, depending on your situation, you may want to set up a coorporation for your business. A corporation will help shield your personal assets in case of a law suit from someone getting hurt. If that happens, you can bet that a team of personal injury attorneys will be knocking on your door. The two people you don't want to run into in your business are IRS agents, and personal injury attorneys.
Now one of the first things that personal injury attorneys want to do is "pierce the corporate veil". That means the attorneys will try to show that your corporation is basically just a front, and not treated as a real corporation, so they can go after your assets as well. If you have done your homework with a good tax attorney, you can avoid a lot of the problems the personal injury attorneys will throw at you.
For example, your tax attorney can cover options for keeping the property in your personal name, and then have a corporation for the business that then rents from you. Or you may set up multiple corporations - one to hold the property, one to run the business, and you get the filter down profits after it transfers from one to the other. Tax attorneys can help set up these corporate entities for you.
I'm not an attorney - both my brothers are - but they are not tax attorneys, and they are not personal injury attorneys. One is an assistant district attorney, and the other does family law. You will want to seek out attorneys that specialize in the appropriate field and utilize them for advice as you go through the process of securing your property. It's pretty easy to read a few web pages and see if the guys work with real estate tax questions. So please, don't listen to me, your brother, or the kid down the street. You are getting ready to make a large investment in time and money and you need a good attorney and a good accountant to protect your assets and make sure you don't get into trouble with the IRS or in a lawsuit.
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