LLC or Corp? - Posted by bob

Posted by Bob at Get the Deed on July 21, 2001 at 15:54:23:

I use an individual for the Trustee. We see no reason to use a separate entity, since Trustee has virtually no liability.
Hope this helps.
Bob Meister

LLC or Corp? - Posted by bob

Posted by bob on July 20, 2001 at 01:53:54:

For those that take subject to and sell using a L/O, which type entity do you use? Advantages or disadvantages for either? I make about 80k and am going to start doing this part time. Not sure which way to go. I’m going to ask my accountant but wanted some input from the guys in the trenches first. Thanks.

Re: LLC or Corp? - Posted by Bob at Get the Deed

Posted by Bob at Get the Deed on July 20, 2001 at 11:35:56:

We recommend an LLC as the beneficiary of the land trust. We put about 5 -6 homes in each LLC. LLC’s are easy to set up and usually require very limited on-going documentation. They provide excellent asset protection. Bill Bronchick sells a book for under $50 that explains all this. It’s very useful and simplifies the setup and operation.
Hope this helps.

Re: LLC or Corp? - Posted by Tim

Posted by Tim on July 21, 2001 at 13:40:08:

Bob,

Who or what type of entity do you use for the trustee of the land trust?

Thanks,

Tim