The Ultimate Guide to Setting Up Your Airbnb Business the RIGHT way (banking, taxes, LLC, profits)
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In this video, we walk you through the essential steps to start your Airbnb business—from forming an LLC to earning profits each month. Our biggest piece of advice? Keep your business and personal finances separate! It all begins with forming an LLC and obtaining an EIN, but the key is having a separate bank account. You’ll start making money quickly on Airbnb, and if your income and expenses aren’t properly separated, you’ll never have a clear picture of your cash flow. Knowledge is power when it comes to business finances, and we always say: you must know your numbers! In this video, we also highlight our trusted partner, Relay, which we’ve used for years. Relay is fully online, has no hidden fees, and our favorite feature is its built-in Profit First strategies. With Relay, you can automatically allocate funds for taxes, operational expenses, and most importantly—profit. Whether your goal is to simply cash flow or scale to more properties, Relay has you covered. Head over to Relay to open your account and as a special offer, all TFV members get $50 when you fund a Relay account!
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Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided through Thread Bank; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank under a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
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