Re: My understanding is… - Posted by MilNC
Posted by MilNC on December 29, 1998 at 13:25:34:
Here are just a few suggestions:
There are IRS-sponsored workshops on starting a small business-Don’t have it at my fingertips or I would
Contact your state’s secretary of state for info on starting a biz in the state.
Contact your local community college for workshops.
I have tried to get answers to this also, but without specific results. Two schools emerge on this board,
the “just do it”, school and the “know what you’re doing school”.
Posting now as a question to all, is it true that (1)in a flip, you never actually own the property, and that
(2) therefore this is an area where you can get started
without incorporating first?
Now, as I see it, you have the tax advantage/disadvantage issue, the liability issue, and the public image issue (business image issue) and the
As for taxes, I am not in the “why worry” school. I already have an acountant, just on general principle, and because it’s not something I do well. I let her worry for me.
For posting here, you might be better off in the future to state your state in your name or title of post.
Depts. vary-- I was surprised to learn that in NC
to find out what was needed to be lic. as a mortgage
broker I had to find the Banking commision under the Dept of Commerce.
Jackie/Dallas posted some excellent info on incorporating in Nevada due to the heightened privacy.
Then you would want to look into how your state treats
or honors foreign corporations-is privacy maintained or not.
This board is very helpful,but state laws do vary as to
whether you can be paid a finders’ fee, need a licence,
landlord/tenant laws, foreclosure–these are all different. So you need to have a source of state info.
That’s part of your education too.