Starting out... - Posted by Raye11

Posted by jeff on July 13, 2002 at 21:38:32:

the best rule of thumb here is always this one:


how are you plannnig on handling the articles of incorparation and other required documents if you dont even know what they are?

the tax man is always a good idea also, although this isnt REQUIRED i dont guess nutil its ayday for the IRS. a good tax man can guide you in the right direction and tell you what you should and shouldnt do in certain situatinos. they can inform you of the tax laws and what you are expecting to pay from your profit. it is not a good idea to go blindly into D-Day (april 15) with a shoebox full of recipts and big-eyed look of dispare. but he is not copletely necesssary, the tax guy wont do any deals for you, but the attorney is almost always a requirement.

as far as putting money into your corporation, i have an LLC so im not sure on this question. an S-corp is a flow through and the money can just be tranferred easily to the best of my knowledge. a C-corp is not so easy. this is where your CPA comes in handy again. others on this site can lead you in the right direction here since i have no dealings with corporations. but actually, in the beginning of your deals, you dont really need a corporation either, if you have the cash to do it, it is a good idea but it can be put off til a later date noce you have somethign to protect if you desire.

the hard money lender is one of your many contacts required to be a successful flipper. and numerous hard money lenders are also better than just one. they are expensive, but they serve a purpose in our lives. if your gonna be wholesaling your most important set of contacts needs to be other investors in your area that handle yuor type of deals. with a good set of investors lined up, you may never even need the hard money.

did i miss something or did i ramble on long enough to cover everything? if i missed something let me know and ill be sure to rattle 30 more minutes of nonesense til i get you bored enuogh to forget about the question in the first place. LOL

Starting out… - Posted by Raye11

Posted by Raye11 on July 13, 2002 at 19:12:41:

When starting out, is it neccessary to have a tax strategist and lawyer right away? I am forming my company under a corporation. My mentor will get me set up with a hard money lender and I plan to start out by wholesaling. Will I need a lawyer to work out the details of my corporation? For example, I would like to put money into my corporation so I can start paying for start-up expenses. Can I make a note myself or would I need the assistance of a tax strategist when starting out?