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Updated almost 8 years ago,
Sole Proprieter or LLC or INC? Quick Buy/Sell Business
Need some advice. In the last 18 months, I've purchased 7 Properties and sold 7 Properties. This year, I believe I can scale it even further and double those numbers. I don't know what you would call it, but I guess I would be a wholesaler, as I buy very low and sell very low but still make a nice profit. I'm concerned, because, most of the properties I do not hold for 1 year (Capital Gains)? This business's entire expenses come from profit made from properties sold. I have one employee or independent contractor and may hire a second. I've been doing everything as a sole proprietor. Should I set up an LLC or INC? Which one/option will give me the greatest ability to reduce my tax liability? Thoughts? I appreciate any help you could provide.