Question for - Posted by Cindy

Posted by DavePA on March 03, 2002 at 23:32:56:

I am not sure about Michigan, but it doesn’t matter what state your in and how to set up a Corp.

Read “Robert Kiyosaki” Rich Dad Poor Dad books and you will learn the benefits/drawbacks of each one.

According to him, the BEST way to protect your company and its assets are: Limited Partnership or a “C” Corp.

An LLC or other entity is considered “small” and the govt. and other people will come after them.



Question for - Posted by Cindy

Posted by Cindy on March 03, 2002 at 19:12:26:

My Dear Michigan investor friends. My question is simple;

If you are a Michgan real estate investor, what business status are you operating under? (ie Sole Proprietorship vs LLC vs C corp?

I inquired about this and apparently, there is no requirement to have a “business license,” to operate a home business of “real estate investing.” Is this correct? For those who have obtained a business license, what type is it? (I’m not talking about Real Estate Agents and Brokers license)

I do understand the protection one receieves with LLC and C-corps, but I was wondering what others in this field have done.

Thanks, Cindy