Posted by Diane (TX) on January 09, 2003 at 20:10:01:
General rule: rentals - LLCs, flips S corps. See http://www.creonline.com/articles/art-202.html .
Also, you say LLP but there’s a difference between LLPs and LPs. In your state, an LLP may be limited to professionals like lawyers and accountants. An LP has the disadvantage of requiring a general partner. The general partner is usually an LLC. Another entity, another set of filing fees.
What entity LLP or S-Corp - Posted by El-Gato
Posted by El-Gato on January 09, 2003 at 11:52:11:
Hello. I am looking to start investing in real estate. I want to form a partnership with my mom since she just started her credit and its ok. I might include another person like my cousin or girlfriend. The reason I am doing that is since my credit is shot. I would like to know what entity should I form. I am planning to but property to hold for rental and would like to do flips. Should I form a LLP,LLC or S-Corp. or both LLP and S-Corp. When do I form it? Now before I begin or later once I have bought property. How do I go about it.
PS Have formed a company name that I never used or form an entinty for. Should I just turn it into S-corp or LLP.Thanks
Re: What entity LLP or S-Corp - Posted by Nanette Petersen
Posted by Nanette Petersen on January 11, 2003 at 15:13:55:
Just starting investing myself. I suggest you look into investing that does not require any credit to be used. There are programs out there. There are ways to invest and not have credit involved at all. A safer avenue for all involved.