troy 0 Report post Posted January 11, 2006 When doing SLO should I go for an LLC or S Corp? I know S Corp is used when you are not holding any property, but since I am going to be doing SLO I will be holding property, right? Please explain. Share this post Link to post Share on other sites
Dave T 0 Report post Posted January 12, 2006 SLO??? I don't know that abbreviation for sure. Does it stand for Sandwich Lease Option? If so, then you have an imperfect understanding. In a Sandwich Lease Option, you do not own the property, you just control it with your option. If you understand that you need to be in an S-Corp if you do not own the property, then your answer is S-Corp. Now, what is your tax question? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 12, 2006 SLO??? I don't know that abbreviation for sure. Does it stand for Sandwich Lease Option?I'm sure that's what he meant, Dave. Share this post Link to post Share on other sites
apbowman 0 Report post Posted May 31, 2007 So if you have and LLC should you have it changed to be taxed as an S-Corp? Now what if your are doing some lease options and Flips buying at one price and selling at another. What if you buy a house subject 2 or assign contracts ? Is the LLC taxed as a S-Corp the best all around for a business that does more then just lease options? Sorry for the long questioin Share this post Link to post Share on other sites
West Coast Girl 1 Report post Posted June 1, 2007 So if you have and LLC should you have it changed to be taxed as an S-Corp? Now what if your are doing some lease options and Flips buying at one price and selling at another. What if you buy a house subject 2 or assign contracts ? Is the LLC taxed as a S-Corp the best all around for a business that does more then just lease options? Sorry for the long questioin The first piece of advice I can give you is to clean up your website. It is FULL of grammatical errors! If you want to come across as being professional, then you MUST have an error-free website! Sorry, to sound so harsh, but those facts are reality if you want to succeed in any biz, not just real estate investing! If you need help in editing your site, let me know. I'll be more than happy to help you! Just PM me (Advertisment deleted by moderator) Cheers, WCG Share this post Link to post Share on other sites
apbowman 0 Report post Posted June 3, 2007 Thanks for the info....as for my web page it is being upgraded Share this post Link to post Share on other sites
Dave T 0 Report post Posted June 6, 2007 So if you have and LLC should you have it changed to be taxed as an S-Corp? Now what if your are doing some lease options and Flips buying at one price and selling at another. What if you buy a house subject 2 or assign contracts ? Is the LLC taxed as a S-Corp the best all around for a business that does more then just lease options? In my opinion, the LLC treated as an S-corp is the way to go for all these activities. All are active income activities and all income from these activities gets the same tax treatment. I would suggest the LLC over an S-corp for the superior asset protection provided by the LLC. The LLC can still be treated as an S-Corp for tax purposes and the LLC member(s) can still enjoy all the tax benefits of an S-corp. If you already have an S-corp for these actvities, then keep using it. However, if you are going to establish a new business entity for these activities, then LLC treated as S-corp would be my preference for the superior asset protection it affords. Share this post Link to post Share on other sites
apbowman 0 Report post Posted June 6, 2007 Dave - First off thanks for the insight on this topic...Right now my LLC is a single member (ME) so if I switch my LLC to be taxed as an S-corp do I have to worry about payroll and everything associated with a corporation? How much more paper work is involved once an LLC is switched to be taxed as a S-corp....Right now I do most of the work with a little help from my wife....and is there any website regarding how to run your business as an LLC taxed as S-corp....I have been looking and really can find much on this topic. Thank again for you feedback on this. Share this post Link to post Share on other sites
Dave T 0 Report post Posted June 7, 2007 apbowman, Your question is best addressed by your CPA. I am not a CPA, though I suspect that there is very little change in your business practices due to a change in tax treatment. The change you are contemplating is how your LLC will be taxed by the IRS. You have an LLC now, and you will still have an LLC under the new tax treatment. Share this post Link to post Share on other sites
apbowman 0 Report post Posted June 7, 2007 Thanks I will talk to a CPA in the area....Thanks again for all help in this matter. Share this post Link to post Share on other sites
West Coast Girl 1 Report post Posted June 8, 2007 So if you have and LLC should you have it changed to be taxed as an S-Corp? Now what if your are doing some lease options and Flips buying at one price and selling at another. What if you buy a house subject 2 or assign contracts ? Is the LLC taxed as a S-Corp the best all around for a business that does more then just lease options? Sorry for the long questioin The first piece of advice I can give you is to clean up your website. It is FULL of grammatical errors! If you want to come across as being professional, then you MUST have an error-free website! Sorry, to sound so harsh, but those facts are reality if you want to succeed in any biz, not just real estate investing! If you need help in editing your site, let me know. I'll be more than happy to help you! Just PM me (Advertisment deleted by moderator) Cheers, WCG Just letting you know that I received your PM! I'll look over your site as soon as I can. I've been swamped lately with personal requests all across the board! Cheers, Jean Share this post Link to post Share on other sites
