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Updated over 2 years ago,
Legal Structure question
Hello all!
My name is Brandon, and I am based in Putnam County, NY. Currently, I am looking for a small multifamily in some of the college towns in New York. I have interest from a few investors to be my capital partners (likely 3-4 investors total). They would be passive in the deal and would receive monthly distributions. Total equity raised so far is around $200k ($250k is the total amount needed).
My question is the following, what is the best legal entity to hold this property under? LLC, C Corp? My accountant advised a C Corp or partnership, however I keep hearing that an LLC is the more frequently used structure. Any advice is appreciated! Thank you kindly!