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Updated almost 9 years ago on . Most recent reply

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15
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Bryan Wilkerson
  • Tuttle, OK
0
Votes |
15
Posts

1st flip need advice cpa

Bryan Wilkerson
  • Tuttle, OK
Posted

I'm going to try and give as much info I can think of. Me and my dad are going together on our first flip .we close on house on couple weeks. I'm getting a small investment loan from relative he wanted me to start some kind  of llc or similar  to loan too. I got the llc . My most pressing  ? is when I go to get ein number from irs so we can open a banking account it ask for llc or partnership . If I do llc it ask how many members when I say 2 it tells me I need a partnership. If I try as a partnership it won't let me put business name with llc on it. I have to meetings set with local cpa's but not till may (tax time) at earliest.  Don't want to do this wrong but need to open an account now. I'm thinking we need an llc maybe tax as s-corp . But I need some advice we are going to be doing maybe 1 or 2 flips a year starting out . Thanks for any help if you know a good cpa with real estate experience let me know I'm in oklahoma. 

Most Popular Reply

User Stats

116
Posts
81
Votes
Trevor Shettron
  • Real Estate Investor
  • Oklahoma City, OK
81
Votes |
116
Posts
Trevor Shettron
  • Real Estate Investor
  • Oklahoma City, OK
Replied

Welcome and Good Luck...

One peace of advice:  Not all attorneys are created equal!  Get a Real Estate Attorney.

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