The sharing economy is rapidly gaining popularity. Before you jump in on peer-to-peer transactions, understand how they work and how to avoid financial pitfalls.
Understanding Ride-sharing
Ride-sharing is the term used to describe when, for a fee, a person drives someone in their automobile. The rides are arranged through an on-line application which is created by a Transportation Network Company (TNC). Currently the major TNCs are Lyft, Sidecar and Uber. To learn more about ride-sharing, click here.
Understanding Home-sharing
Home-sharing or peer-to-peer rentals are sites where people rent out rooms or entire homes to guests for extra income. Guests find a property online and pay for the stay like a hotel. The difference is that the property is often a privately owned apartment, condo or house. Anyone can register as a host or guest. To learn more about To learn more about home-sharing, click here.
Understanding Peer-to-Peer Car Sharing Programs
A peer-to-peer car sharing program lets a car owner share their car with another driver for a fee. The car sharing arrangement is set up through an on-line program or platform, and requires both the car owner and user to enter into a car sharing agreement with the peer-to-peer car sharing program. Currently, peer-to-peer car sharing companies in Maryland include but are not limited to Turo, Collaborent, or Getaround. To learn more about peer-to-peer car sharing, click here.
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