LLC for Operating and Tax Purposes

[Josef G.]

My partner and I are planning to purchase a 4-unit rental property in Philadelphia with both our names on the title, deed, and mortgage. Philly requires all owners to have a rental license and the form requires “business income and receipt tax number” (BIRT). To that we have the following questions:

• 1.We are planning to form a LLC. Is it possible to use LLC as a business entity to apply for the BIRT?
• 2.Is it possible to have the rental license under our name while the tax number be in the LLCs?
• 3.We may also plan to operate the rental property through the LLC. Using the LLC for collecting rent and paying expenses. Any thoughts? We are not looking for any asset protection or liability from the LLC since title/deed/mortgage/insurance would be under our name

Any thoughts, ideas, or responses would be greatly appreciated. I’ve looked through the forum and did not find any complete answer. Mainly advised to consult with a lawyer or CPA. I know that’s necessary but we hope this forum can help us instead of going to the professionals right away.

Thank you