LLC vs S-corp in Oregon

[Johnny Duke]

Hi everyone, 

We are gearing up here in Oregon to re-brand and reestablish our business. I (Johnny) have been operating as a sole prop and carpentry subcontractor for the last few years, but am planning to move into flipping, remodels, new construction. Seems like I mostly see people listing the benefits of LLCs, but I've heard that there are also benefits to S-corps for short term holdings (eg buying a property to flip). 

I know there's not a one size fits all solution, but:

1)  What do most people do when it comes to creating an entity for flipping or other construction operations?

2) I would like to talk to a local CPA or real estate attorney, is there anyone in Bend Oregon or Redmond (trying to light up those keyword alerts) that recommends someone in the area?

Thanks community,

Johnny Duke

[Jerel Ehlert]

It's a common mistake for people new to the topic, but you need to understand the meaning of words.

LLC, GP, LP, Corporations (for-profit or non-profit)...These are creatures of STATE law.

S-corp and C-corp....These are FEDERAL law tax designations.

An LLC can elect to be taxed as an S-corp, C-corp, Partnership, or disregarded entity for tax purposes.