Final answer:
To run a real estate brokerage business, having a licensed real estate broker is most likely required. Brokers are crucial for legal operation and management of a brokerage. Choosing the right business structure is also important for taxation and liability purposes.
Step-by-step explanation:
The most likely requirement for running a real estate brokerage business is having a licensed real estate broker. Although a licensed attorney can be useful in handling legal matters and an attorney-in-fact can be granted specific powers through a power of attorney, it is the licensed real estate broker who is essential for the operation of a brokerage. Brokers are equipped with the necessary licensure to oversee real estate transactions, manage a team of real estate agents, and ensure compliance with state and federal laws.
When deciding on a business structure, one must consider the type of business, taxation implications, and levels of liability. Common forms include sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company (LLC). The larger the profit, the more taxes for which the business will be responsible.