Forming A Cooperation
Not looking for legal advice just some opinions. I am in real estate investing for the long haul and am thinging about forming a business entity. there are there partners involed (an investor, a contractor, and myself). I will be buying properties, rehabbing them and selling them. What business entities are others using LLC, C or S INC)?
I assume you mean "corporation"???
I'm no expert but my accountant advised me to use an S-Corp for both my building company and my investment company as it serves the best liability protection as well as provides the best tax benefits for my situation. If you have an accountant my advice would be to consult with them. Good Luck!
norrist,
With 3 partners involved he spelled it correctly because this is exactly what he is going to need down the road.
John $Cash$ Locke
You might, if you have not done so www.yet.Make a formal little document describing the duties of each of the three members and their contributions in time and money.. Discuss it amongst yourselves and then sign it. This will take a few of the stings out of any future discussions.
Enjoy timing is great. Lucius
Forgive my spelling. The advice is helpful. All that I have read has lead me to think that an S-corp will be best. Well I guess that now I need a lawyer, an accountant and a spelling teacher. Thanks for pointing me in the right direction.
I like your humor about spelling. It is hard choosing what type company to use. S that C this and LLC the other. I hope you choose the correct one for your business. Your attorney may even have other ideas. A partnership form can work too without double taxiation.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
I apologize if I sounded like a smart aleck, but I wasn't sure if you meant something else.
JohnLocke-you are soooo right! If only we took Fulghum's (sp?) kindergarten advice more often, and just played together nicely! [ Edited by norrist on Date 12/24/2003 ]