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Updated about 8 years ago on . Most recent reply presented by

User Stats

132
Posts
40
Votes
Roy C.
  • Rental Property Investor
  • NC
40
Votes |
132
Posts

LLC: Sole member vs. Partnership

Roy C.
  • Rental Property Investor
  • NC
Posted

I currently have a partnership LLC with my wife. This LLC's sole purpose is to have investment properties title under its name for liability protection. Few days ago, I was on the phone with my CPA, and he was recommending that I should switch my current LLC to sole member, because it serves same purpose, but with less headache as far as dealing with reporting financial transaction to IRS. The downside of having a sole member LLC is that since my wife has w-2 job, her portion of income won't qualify for mortgage qualification which means less leverage for us. I understand that I should consult attorney if I am serious about pursuing this issue, but can you shed a light on advantage/disadvantage of sole member vs. partnership LLC for rental?

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