OfflineHi everybody,
I'm just getting off the ground now, and I already have some very promising leads cooking, but before I proceed, I just want to err on the side of caution and get my new business venture properly set up and legal before I move forward on any deals. I already purchased a piece of digital real-estate to park my web presence, now I want to create a legal business entity.
I am torn between an LLC or an SCorp. I also currently live and will be conducting my initial business in Florida, but I want to create my entity in either Nevada or Wyoming to take advantage of maximum legal cover and tax benefits.
Any suggestions from the great masses which state would be more beneficial? Would one type of entity offer more advantages than another (LLC or SCorp)?
I do know that eventually when I decide to expand to a possible brick and mortar operation and take on employees, I will have to register in Florida. But until then, if I assembled a team; attorney, real estate agent, cpa, etc.; for the purposes of this question, would they be considered employees or just collaborators?
Thanks in advance for your advice, and look forward to really adding to the many threads here.
Tim Daly Jr
IT Professional &
Real Estste Investor
"Knowledge is just that.....knowledge. But APPLIED knowledge, now that's POWER!"
here's a link to one of the many threads where LLCs have been discussed; you can check on some more by entering "LLC" in the Search box on the top left of this page, and hit enter.
http://www.deangraziosi.com/node/927
I opted for a LLC, which is good for me for properties that I rent, but you should do your own research and decide what works best for you.
Some investors buy properties under the LLC and sell the LLC with the property.
You will have to register in all states where you intend to do business; but you can create your LLC in any state you choose. Attorneys, CPAs, Real Estate Agents, etc. would not be considered employees.
Check out LegalZoom; they provide great information.
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Valerie:
I appreciate your prompt reply. I have already investigated LegalZoom, and myLLC, just figured I'd pick some brains on here. I skimmed through the thread you linked me to earlier, but took the time to read through a majority of it this time and found some of the answers I seek. I think what might be prudent is hold off on the LLC a little while and nail down a few deals first before I pursuit it any further, especially if I decide to hang on to any of my potential investments for cashflow purposes.
Tim Daly Jr
IT Professional &
Real Estste Investor
"Knowledge is just that.....knowledge. But APPLIED knowledge, now that's POWER!"