S Corp or LLC or something else entirely?? Help!!

Real Estate Agent with Coldwell Banker M.M. Parrish Realtors BK3216615

OK, so maybe I should have thought of this sooner, but I guess at least I thought of it before the year is out!  I heard that incorporating yourself as a realtor provides tax benefits.....but honestly, I have NO idea how to go about such a thing, who I should call (how do I find a non-weasel??), what it would cost, how it will help me, etc. etc.


Like.....if I became an S-corp, does it go back to the start of 2009? How does it work? Or is an LLC better?  Who do I call to figure this out?  I REALLY would like to get this taken care of before the year is out......as a writer and hopeful author (with a bona fide literary  agent and everything) I have NEVER run into this conundrum......I guess if I'd actually logged some amount of income I would have thought of this sooner.


Anyway.....I live in Gainesville, FL and would LOVE if someone could direct me to someone who could help me set this up and answer my questions.


Thank you for any help you guys can provide!!



P.S. Another milestone today.....at the sales meeting today I was acknowledged as "Rookie of the Moment" or some such for logging more than $1.2million in sales so far this year....not bad considering I started in December!


Coleen DeGroff, MBA

Your Gainesville, FL REALTOR

Gator Nation Relocation - Specializing in Drama-Free Realty for the Hassle-Averse

Coldwell Banker M. M. Parrish, Realtors

Gainesville, FL 32606


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Coleen DeGroff, MBA - REALTOR

eXp Realty

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Thom Kraley
NewCastle Home Loans, LLC - Chicago, IL

From my experience the level of income determines the decision to go S or LLC from a taxation perspective.  LLC is far easier/less expensive entity to form and maintain.  The strange thing is that I have asked tax lawyers and CPAs the very same question without a confident answer.  Perhaps the two legal structures are close enough that it may depend on who you talk to. 

(This is not intented to be used by the reader as taxation or legal advise.  Please consult your tax attorney or Certified Public Accountant.)  Disclosures are fun.



Jun 30, 2009 03:38 PM #1
Coleen DeGroff
Coldwell Banker M.M. Parrish Realtors - Gainesville, FL
Haile Plantation Real Estate - Gainesville FL

Thom - Any advice on how I can go about determining if I should have an attorney or a CPA set this up for me and/or answer my questions re which is best? And any insights on how I can find such a person?  Thanks!

Jun 30, 2009 03:45 PM #2
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Coleen, As a licensee you are limited with what you can do. You can't be an S corp. A slaesperson cannot be an officer or director of a Florida real estate corporation. You can however operate as a PA. Call the legal hotline before you do anything.

Jul 04, 2009 12:37 PM #3
Coleen DeGroff
Coldwell Banker M.M. Parrish Realtors - Gainesville, FL
Haile Plantation Real Estate - Gainesville FL

Hi BB -

Thanks! I can operate as a PA? What is that?

I can be the Keystone State? Or a Physician's Assistant?  Hmm..


Thank for the tip. I'll call the legal hotline for more info.  :)

Jul 06, 2009 12:26 PM #4
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Coleen DeGroff

Haile Plantation Real Estate - Gainesville FL
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