How to Open a Residential Assisted Living Facility
Whether you've identified a need in your community you want to address or sense the opportunity to create a profitable company, opening a residential assisted living facility might be the perfect business venture for you. However, since you'll be largely working with an elderly population, this prospect comes with a huge amount of liability. You invite a further level of risk when you consider the caregivers you'll need to employ as well.
You'll want to be sure you have proper protections in place for you and your property when you launch your facility. Here are some important guidelines to keep in mind.
One top suggestion is to establish your business as a Limited Liability Company, or LLC. It is also possible to lease the property where you'll build your facility from a third party. When you're structuring your business, it's vital that you maintain separation between your assets and the company. This will come in handy if your company faces a lawsuit. Without this separation, it's possible that you could lose both. To prevent this worst-case scenario, contact a real estate attorney. Most will begin with a free consultation to make sure that you won't make any mistakes you'll regret.
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