Which entity do you all normally use? - Posted by JoeWA

Posted by John (TN) on October 10, 2003 at 11:49:02:

Really, it is dependant upon your specific situation and goals. It is worthy of your time to study, learn and research the answer. Assistance from a competent professional is generally advisable.

Check the archives - I believe you’ll find lots of food for thought there.

In VERY general terms, the rule is a LLC for holding long-term keeper property, notes and other devices that produce passive income.

Dealer property (flips, rehabs, and the classic Lonnie deals) fare best in a corporation since the character of the income is changed when you pull money out. You don’t have to take it all out as salary - some can come out as dividends on which you do not pay SE tax.

There are other factors - perhaps the experts will chime in.

Best wishes for your success,
John

Which entity do you all normally use? - Posted by JoeWA

Posted by JoeWA on October 10, 2003 at 11:32:32:

…for buying/selling/financing mobile homes? I want to protect my personal assets and am leaning towards an LLC.

Minimizing taxes would also be a good goal. :slight_smile:

Any feedback is appreciated…

Joe

Re: Which entity do you all normally use? - Posted by Lyal

Posted by Lyal on October 11, 2003 at 17:37:40:

Start here,
http://www.creonline.com/articles/art-202.html



All the best, Lyal