We are all trying to save money on our taxes and protect ourselves from liability, so our accountants recommend we operate our real estate businesses under an S Corp. This is great, but don't forget that in the state of NC, you will need to get a Firm License with the NCREC. A regular Broker's License does not cut it. There is a brief one page form on the Forms page of the NCREC website: under Application Forms, just click on Firm License, and you can download the form. Just go to www.ncrec.state.nc.us Go to the Contact Us page, then click on Forms, under Application Forms, click on Firm License. There you go; you are now operating legally! Ta Da! By the way, you will save substantially on your taxes if you file as an S Corp. Happy Gardening!
Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC
CEO, Dream Maker - Charlotte, NC
Being an S Corp has saved me SOOOO much money it's just frightening. Now it's one of the things I recommend to new agents right away even though most accountants will say to wait and set it up once there's some cash flow. =)
May 12, 2007 10:52 AM
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
My accountant set me up at a C Corp. Saves me lots of money. Since most of my earnings go back into the business, it is wonderful.
May 12, 2007 01:54 PM
Rainer
5,463
5,463
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