LLC for property holding -- SMLLC or S-corp

[Nolan Gray]

Dear bp family, I just formed my llc that i want to hold my rental property in.. My next step is to get an EIN number for the company.. I need it to start the bank account for the business aka my rental property My options are to file as a single member llc (smllc) or to elect and be taxed as an s-corp or c-corp I need help deciding before i do before i elect .. how does this work ?? Whats my best option ?

[Steven Hamilton II]

Originally posted by @Nolan Gray:

Dear bp family,

I just formed my llc that i want to hold my rental property in..

My next step is to get an EIN number for the company..

I need it to start the bank account for the business aka my rental property

My options are to file as a single member llc (smllc) or to elect and be taxed as an s-corp or c-corp

I need help deciding before i do before i elect .. how does this work ?? Whats my best option
?

 Nolan,
I'm not far from you at all. I'm happy to answer some questions.
You just need the EIN for opening a bank account for he LLC. You will want to transfer the title to the LLC if you've already acquired it. You will not want to make an eelction to be taxed as an S or C-corp. You will complicate things far more then necessary.

Here is a link where I discussed the topic of taxation: https://www.biggerpockets.com/forums/12/topics/760...

Meanwhile, you need a good accountant. I'll be up in MKE in the next couple of days. I'm just below the border west of Six Flags.
You definitely need someone qualified, does not have to be a CPA, could be an Enrolled Agent or an attorney. Just make sure they specialize in tax and have significant experience dealing with real estate investors.

Here is a great list of questions to ask a potential accountant: http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpa

Also check out the www.NAEA.org page in your search. It should help you find someone local. If someone comes to me, I'll send them your way.

If you need help in your search or want to verify something don't hesitate to ask.

For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone. I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you.

So look for someone you can connect with that works out for your situation.

Feel free to ask here if you have questions