Posted by Bruce W. on July 10, 2002 at 23:03:33:
Sorry for the typo, I wrote that message in about 30 seconds before I left work. I am familiar with the difference because I worked for an S-Corp for four years before currently working as self-proprietor. Starting this LLC or maybe the C-Corp for investing is just getting my feet wet in REI.
LLC Purpose Statement? - Posted by Bruce W
Posted by Bruce W on July 10, 2002 at 15:37:05:
I am creating an Limited Liability Corp. to invest in real estate but I also plan to use this corp. to finance future buyers. My problem is I don’t want to hinder my business from a legal standpoint if I don’t list everything I will do with the LLC. Does anybody have an example purpose statement for their real estate investing business that they’ve created?
Bruce W
Re: LLC Purpose Statement? - Posted by look close!
Posted by look close! on July 10, 2002 at 16:40:12:
Consider a C-Corp instead of a LLC. Get some advice from a good accountant on this. There are many advantages to a c-corp. Don?t listen to your lawyer on this. Talk to an accountant they will sit down with you for free 99.9% of the time to point you in the right direction. Also you can open a c-Corp for $75 in Virginia and Delaware, other states vary check in your local area. I made a $800 dollar mistake I first started. Closed my LLC in the first week because they offer very few tax shelters. I then opened my C-Corp two weeks later. This have been great. 800 dollar lesson 
Re: LLC Purpose Statement? - Posted by jeff
Posted by jeff on July 10, 2002 at 15:43:03:
just for the record, a LLC is NOT a corporation. it is a Limited Liability COMPANY.
Re: LLC Purpose Statement? - Posted by Bruce W.
Posted by Bruce W. on July 10, 2002 at 22:59:19:
Thanks for the feedback, I will check out the C-Corp route with my accountant. The more tax shelter the better is definitely the way to go.