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LLC?

By John Marlow

Real Estate Agent with Foxhall Investments

October 08, 2006 05:04 AM

So I know that having your own LLC is a smart move because of tax purposes, but what exactly does that mean?

Aside from the regular tax write offs we get for being an independant contractor, are there other benefits to be had? Should any property you purchase be placed into this LLC as well?

Finally, if you wanted to enter into a partnership with a couple friends to invest in property is LLC the standard way to go?

JM
Real Living Helios Realty
http://www.highendchicago.com/
jmar@heliosresidential.com

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Teri Isner

Keller Williams Realty at the Lakes - Orlando, FL

GRI, CRS, CIPS

Tons if you are doing good business, and if done correctly you can keep more of your own money. See Chris Birds website he offers some great information when it comes to this. REmember pay yourself first!

Oct 08, 2006 05:07 AM

Leigh Brown

Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC

CEO, Dream Maker - Charlotte, NC

Chris Bird is the best! I recommend talking to your CPA about which setup is best for your situation. And make sure it's someone who knows real estate. I personally have my rental properties in an LLC to protect against potential tenant liability (and carry umbrella insurance policies), and my real estate business is an S-Corp. Being an S-Corp has saved me thousands and thousands of dollars.

Oct 08, 2006 05:22 AM

Willie Norris

Keller Williams Realty - Columbia, SC

It would also be a good idea to research it. Just google the acronym and it will give you some very useful information...

Oct 08, 2006 12:43 PM