Posted by Max-Va on May 10, 2006 at 21:12:42:
I would look at Bill Bronchick’s material. His LLC or corp. courses cost about $300 each. I have used them and they are top rate in my book.
Generally LLC are used for rentals and corps are used for flips.
Your case may be different. I would recomend my CPA but you don’t say where you are. If you give a location I am sure someone local to you could advise. You should try your local REI club.
Legal Entities - Posted by Virgil Horner
Posted by Virgil Horner on May 10, 2006 at 18:02:52:
Hello,
I’m looking for some down to earth information about forming the proper legal entity for myself and my partner as we invest in real estate. I want to know the tax benefits of the different options available. I do not want to spend $4000 on a course that will teach me everything I ever wanted to know about real estate investing, etc, etc, although I’m very willing to compensate an attorney or accountant for their time. I’m looking for somebody that would be competent in these areas. Unfortunately most attorneys and CPA’s don’t seem to know the best solutions for their client. Please help if there are any suggestions.
Re: Legal Entities - Posted by Alex
Posted by Alex on May 11, 2006 at 18:15:24:
I would recommend looking at John Hyre’s “Entities & Asset Protection” book (http://www.realestatetaxlaw.com/). I have read it and think it’s excellent. The book addresses both legal and tax matters. The last part of the book is customized for your specific state and describes the steps to take to create an entity in your state.
Good luck!
Varies from State to State - Posted by Jimmy
Posted by Jimmy on May 11, 2006 at 07:30:39:
Do NOT take generic advice from gurus when it comes to selecting entities. There are state law considerations that will trump.
Talk to a really good CPA or real estate atty about the best arrangement for your particular biz in your particular state.