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Updated about 9 years ago,
LLC vs. S-Corp vs. C-Corp in California
I'm super confused as to the pros and cons of each of these entities. I don't have money of my own to invest with so I am starting out by Wholesaling. I've taken a class and have been made aware of 3 options I can start out doing. Being a Bird Dog, Assignment of Contracts, or doing a Double close. I like the profit opportunities with the Double Close, but I believe I need an entity in order to do it. Since I am just getting started and don't know anything about these entities, I called my accountant. She told me she can't legally give me any advice on which to choose, but she said I really don't need an entity. I didn't really explain that I thought it was necessary for the Double Close, but she pretty much told me that as a new investor I will not need any entities and it will just create tax problems for me. She said that maybe once I become a Real Estate Professional, but not now. Is she right? I know I can't get official, legal advice here, but I definitely need some guidance.
Thanks!