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Business Entity

Posted on: Mon, 04/23/2012 - 22:35
Business Entity

Should I form a business entity such as a soul proprietorshipv or llc right off the bat, or is it okay to start doing deals as "people" and depositing our fees into personal checking accounts?

Josh

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Posted on: Mon, 04/23/2012 - 23:19 #1
Josh

What did your CPA and your attorney say?

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

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Posted on: Mon, 04/23/2012 - 23:27 #2
Josh

Michael's right, always consult a professional ... but if you're just starting out there's no need to run out & start a corp. just to do deals.
We have an "S" Corp, but still do the houses in our personal names since
insurance is much cheaper, then the CPA just diverts the income into the business when he does both tax returns.