Business structure

[Paul LaSpina]

I am starting my RE investing biz and have been going back and forth on set up and state of incorporation, I am at the point the I believe an LLC would be best and I should probably set 1 up in Wyoming or Nevada. I live in NYC. I would like to initially start wholesaling any where in the cuntry and than rehabbing,flipping, preferably NY/NJ/CT as I want to be to monitor the deal. Does anyone have any advice in regards to stucture/set up?

[Rob Beland]

@Paul LaSpinaif you're wholesaling what is the benefit of an LLC? You never own any property. Where is your exposure? You will not have any assets. If you are dead set on paying the college tuition of the children of your accountant and your attorney you should consider an S-Corp which will give you a more favorable income tax consideration (as opposed to an LLC and only for flip/rehabs not buy/holds). As @Randi Plevystated, there is no point in setting up a business in another state from where you do most of your business. You have goals which is great but keep things in perspective. Considering you haven't yet conducted any business I would advise you actually do a deal or 10 before you jump into a business entity that will require tax returns with no income.