Partnership LLC Business

[Kao Nou Xiong]

Hi community,

I am looking to forming a Real Estate LLC with a partner in Oklahoma. I am from California. Any good advice or business CPA referral that is familiar with this type of business LLC? I'd like to know the ends and out prior to forming the correct real estate business documents to protect our personal assets and how deal with taxes at the end of the year etc. (split expenses and profit).

Thank you in advance. 

[Basit Siddiqi]

@Kao Nou Xiong

What are you looking to do with the LLC? Buy rental real estate, flip homes, etc?

I would suggest speaking with an attorney to discuss items such as
1) What is the profit and loss allocation between the members
2) What happens when one member dies
3) Responsibilities of each member
4) etc

Discuss with a CPA on proper entity classification(Partnership or Corp(C/S))

Best of luck