Goals, Business Plans & Entities
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 13 years ago,
Single Member LLC
Does anyone have any insight on setting up a single member LLC for flipping properties rather than rental properties? I have heard that S-Corp entities are better for the flipping method, but I'd rather set up an LLC so I don't have to deal with the obligations that come with setting up a corporation (keeping minutes etc.). I also realize that you can set up an LLC and have it taxed as an S-Corp, but for a single member LLC the income will pass through and be taxed as a sole proprietorship anyway. I'm concerned with the fact that asset protection sometimes doesn't hold up in court for single member LLCs.
I realize that I should talk to an attorney and CPA but I just wanted to see if anyone had any insight. Thanks in advance!