Posted by JHyre in Ohio on April 20, 1999 at 20:42:29:
Check to see how your state treats such an LLC…most, but not all, states “follow the fed” & treat LLC as partnership or corp, depending on federal tax status.
Posted by JHyre in Ohio on April 20, 1999 at 20:42:29:
Check to see how your state treats such an LLC…most, but not all, states “follow the fed” & treat LLC as partnership or corp, depending on federal tax status.
LLC vs. Corp. - Posted by BBlake
Posted by BBlake on April 20, 1999 at 12:31:35:
I recently formed an LLC to purchase, rehab and sell real estate. I am concerned about being labeled a “dealer” by the IRS. Have I made a mistake using an LLC? Would a C-corp or S-corp be a better tax vehicle?
Re: LLC vs. Corp. - Posted by JHyre in Ohio
Posted by JHyre in Ohio on April 20, 1999 at 14:21:30:
Corp is probably better for your “flipping” activity. Read articles by Bronchick on www.legalwiz.com & get back to us with specific questions.
John Hyre
Re: LLC vs. Corp. - Posted by Jeff (Dallas, TX)
Posted by Jeff (Dallas, TX) on April 20, 1999 at 16:04:26:
John, do you see any disadvantage of using an LLC to flip if its returns are filed as a corporation?
My understanding is that if an LLC elects to file as a corporation it is treated identically to a bona fide corp (as long as all of the appropriate resolutions are passed by the LLC).