Construction Financing-personally Or Through Business?
We are starting construction of our first spec home in Washington State. We purchased the land based on a home equity line of credit on our residence. We have secured consruction financing for the spec home. Question, should we transfer title of the land to the S Corp and obtain our construction loan in same? or are we better off keeping the land in our personal name, and obtaining financing on a personal basis as well?
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You really need to speak with your accountant...........I suspect that he/she will tell you if its going to be an on going business then you should set up an S-corp and put it in the business........this being your first they will probably leave it as it is.....
NC
eliminate personal liability as often as you can! Do it under your corp.