Best entities for buy & hold in Virginia - Posted by patsears

Real Estate Investing Real Estate Law
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Posted by William Bronchick on January 29, 2008 at 11:31:33:

The tax issue is generally federal, with some small income tax or franchise tax at the state level. The LLC is tax-neutral, in that everything passes through (income and expenses) to the owner of the LLC (the members).

As you know, I do have a program that shows you how to form LLCs in every state. There are state-specific forms and instructions in the program for each and every state, including VA.

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Best entities for buy & hold in Virginia - Posted by patsears

Posted by patsears on January 29, 2008 at 11:09:37:

Hello,

I am getting into buying, fixing & holding single-family rentals in the Richmond, VA area. I am trying to decide which types of legal entities I should be using. I’m thinking I need one for the day-to-day operations (llc, s-corp. c-corp?), multiple ones to hold the individual properties (llc?), land trusts to disguise the ownership, and a beneficiary for those trusts (the llc’s?). I was wondering what the CREOnline members are partial to? I’ve read several books on the subject, but most of the info is too general, and not state-specific. I also need to be aware of the tax implications as well as the asset protection goals (I know Virginia has a state corporate income tax).
I’ve thought about buying some of the “kits” that some of the gurus are selling, but I’m loathe to shell out that kind of money for something I’m not sure is even going to work in my state.

Any thoughts?

Thanks!
patsears

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Re: Best entities for buy & hold in Virginia - Posted by Natalie-VA

Posted by Natalie-VA on February 05, 2008 at 11:17:42:

My CPA has advised that I hold my quick turns in an s-corp and my rentals in an LLC. I don’t pay any “state corporate income tax” that I’m aware of. Maybe because I use an s-corp.

–Natalie

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Re: Best entities for buy & hold in Virginia - Posted by Rich-CA

Posted by Rich-CA on January 29, 2008 at 17:50:01:

Best LLC formation info I have found was from Nolo Press. I use their LLC Maker software. Their updates keep you current form changes and fees. It covers every state in the US. Link is:

Its $60 to download.