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Business License???

Posted on: Thu, 09/08/2011 - 23:47
Business License???

Good Evening,

My accountant tells me I might need a "business license" to run a "wholesale" biz...whether I buy/fix/sell...buy and hold...or even structure lease options.

I just scratched my head.

Anyone have experience with that?

Thanks!

Ron

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Posted on: Fri, 09/09/2011 - 00:38 #1
Answer about Business License

That is correct you will need a business licnese to sell or buy houses.

Donald Myers
MyersReal Estate Solutions, ltd.

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Posted on: Fri, 09/09/2011 - 00:56 #2
business license

Ron:
Check with your local licensing agency and tell them what you are doing and ask if this requires a license.
If you are doing this all on a personal level, you may not need one however, you would also not be getting the protection and advantages that a business would have. That being said, if you are a business, you will most definitely need a license.

Best of luck,

Andy Sager
DG's AndyS

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Posted on: Fri, 09/09/2011 - 02:55 #3
Run this by a RE atty

Your accountant may be thinking in terms of buying wholesale to sell retail, as in a retail store, in which case you would need a license.
I'm not a lawyer but I don't think you'll need a license to "wholesale" houses. All you are doing is selling the rights to a contract.
Like I said though, check with an attorney to be safe.

Ron in Denver wrote:
Good Evening,

My accountant tells me I might need a "business license" to run a "wholesale" biz...whether I buy/fix/sell...buy and hold...or even structure lease options.

I just scratched my head.

Anyone have experience with that?

Thanks!

Ron

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Posted on: Fri, 09/09/2011 - 03:02 #4
Ron

you are not running a wholesale business, you are assigning contracts.

Let your accountant give you advice on accounting matters; if you need advice on legalities in your area, get advice from a real estate attorney...

Learning and progressing every day,
Valerie

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Posted on: Fri, 09/09/2011 - 03:31 #5
Ron

Find me a good wholesale deal and I will buy it from you. You don't need a buyers list at this point. I have several STRONG real live cash buyers in the Denver area. Find me a deal and I will buy, cash, quick!! I will walk you through the entire process if you need.
I wholesale and fix/flip and I do not have a business license. I pay income taxes on my income. There are no "sales taxes" that need to be paid to the state or Fed when we wholesale or fix/flip right? I do have a business entity that is registered with the state. My LLCs.

Michael Mangham
MD Home Acquisitions LLC

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Posted on: Fri, 09/09/2011 - 15:50 #6
OK...great advice

OK...great advice everyone...thanks alot!!!

Ron and Ingrid

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