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ctrmrz31

Should I file for a LLC?

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I am new and have been working on my first deal ( Sandwich deal) and I was wondering if I should file for a LLC or some kind of entity that will protect my investments?

Should I do a few deals first and then go out and get an LLC? Are there Tax advantages to doing Lease Purchase deals in my name vs. an LLC or something similar.

Cruz

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Cruz,

 

There are no real tax advantages to speak of. Whether you are doing sandwich lease options as a sole proprietor or from within a single member LLC, you report your income and expenses on Schedule C and your net income on Schedule SE.

 

The decision about your business entity should be driven by your asset protection needs and not based solely on tax considerations. This is a question you should take up with your attorney, your CPA, and your estate planner. There is no one size fits all answer either. The correct business entity for you might not be the same entity that is appropriate for another investor.

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