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Updated almost 9 years ago on . Most recent reply

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418
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Shannon Wright
  • Escrow Officer
  • Temecula, Ca.
152
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418
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S Corp or LLC ?

Shannon Wright
  • Escrow Officer
  • Temecula, Ca.
Posted

So, I am going to be starting an entity to initial handle Network Consulting Fees, etc and build out to property holding in a couple years. In the meantime, I need to keep the funds out of my personal bank account, etc. My fiancé and I are the only people involved in the endeavors.

What is the best entity type to create for this purpose?

Most Popular Reply

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206
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Nicholas W.
  • Investor
  • Germantown, WI
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206
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Nicholas W.
  • Investor
  • Germantown, WI
Replied

If the immediate purpose is to separate funds you can set up a business account at any bank. You could even set up a DBA (Doing Business As) so that you can work under a fictitious name. It would seem an unnecessary expense to create an LLC just to separate funds.
Also before speaking with an attorney I would check with a CPA. The difference between an LLC and an S corp is more related to taxes than it is to legalities.

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