Need help in establishing a power team and a business entity

[Dan Miller]

Hi all,

I'm trying to figure out how to build a power team and who should be on it. I think the most important pieces for me right now are an accountant and maybe a RE attorney, but not sure what role each plays. I know that a CPA is the tax expert. What about the RE attorney? Which plays a role in advising on the best legal entity to set up?

I've heard that I should form an LLC, but don't really know how/where to do that. My wife is an attorney, and she said she can set it up (she does banking law, but close enough). However, we're not sure in what state to set it up. We've heard that Delaware and Nevada have the best tax benefits, but not sure if that really applies to us or not. I live in DC, so it's likely, even if I stay local, that I'll do business in MD, VA, and DC.

If I spend money on courses or books or equipment (i.e. laptop), am I able to deduct those expenses from my taxes if I do NOT have an LLC? What if I have an LLC? Could I then deduct those expenses as educational/business expenses?

Thanks,
Dan