Posted by Robby C on April 03, 2006 at 09:17:41:

…but I remember asking a similar question using the phrase “to hold ownership” and that led to an excursion into whether my LLC was only going to be a “holding company.” (And I believe that is an entirely different animal.)


Posted by sam on April 03, 2006 at 08:29:03:

If the member of an LLC is a Revocable Living Trust - does it have to be classified as a “single member LLC” or can it be classified as a partnership?

This LLC’s sole purpose is to hold ownership of a shopping center, would there be any reason to classify it as a corporation?

Thank you!

Why oh why? - Posted by Bobby

Posted by Bobby on April 07, 2006 at 14:31:29:

…would you NOT get a durned good corp/business lawyer to help you with these legal concepts and structures you really don’t fully understand…when, for cripes’ sakes it’s going to be acquiring and holding a SHOPPING CENTER???

There’s a time to be cheap, but this doesn’t sound like one of them to me.

Re: LLC CLASSIFICATION - URGENT - Posted by Marc Donovan

Posted by Marc Donovan on April 04, 2006 at 20:41:46:

If the LLC has one member, it is a “single member LLC” regardless of type of entity. A partnership is owned by more than one entity by definition.

Dont classify as a corp when holding - double taxation on cash out.

I prefer partnership returns for the flexibility. Try to go with that even if you have to create another entity to be the partner. Its more paperwork, but you can move profits and losses around very easily which can provide large tax savings if you have a good CPA, or if you learn the laws and tricks yourself.

You should also setup a C corp to manage the property. This can provide big tax savings for things like healthcare plans, retirement plans, 401K, and the like.