Looking for advice from CPA on whether to LLC or not

[Dorys Prentice]

I'm hoping there are some CPAs or personal experience (knowing I need to confer with a CPA) here to assist me with a decision on whether or not to open a LLC in TX (our place of residence and where we'll do all our business).

My husband and I just put in an offer with another married couple for a flip in TX.  The other couple already has a LLC.  Our plan was to create a Joint Venture between the two LLCs for this one project. 

Since TX is a community property state, we can open our LLC and be treated as SMLLC for tax purposes so we would be treated as a single member LLC vs a partnership.

I guess my question is, is there any downside to creating an LLC other than how we report our taxes and reports to the TX Franchise Tax Board? Is there an advantage to listing as a partnership vs a SMLLC?

[Michael Plaks]

@Dorys Prentice

Don't read garbage from the Houston Chronicle written by unemployed liberal arts graduates who think they are experts in everything after reading couple blog posts. 

The credentials of this one: "Born in West Virginia, Jack Gerard now lives in Kentucky. A writer and editor with more than 10 years of experience, he has written both articles and poetry for publication in magazines and online. A former nationally ranked sport fencer, Gerard also spent several years as a fencing coach and trainer."