Tips for incorporation of Prop. Mngmt. Biz

[Gabe Gunter]

Just filed for C corp Status and look to convert to S corp in the next few days for my property management business focusing on Co-hosting and Rental Arbitrage. I feel lost because I am having trouble opening a business bank account virtually and had no luck getting business credit yet as well. I am starting to realize I will need to meet with a lawyer or accountant to make sure everything is checked out before I begin with my first unit. 

If anyone could help with tips about certain requirements I might not have thought about in order to incorporate a legal business in PM. Also, if there is anything I should make sure to go over with a biz lawyer or CPA or if I only need to meet with one? I am a little strapped for cash and would like to limit any unnecessary time when paying for one. 

Thank you, I did not know where else to turn and feel a bit lost in this purgatory phase after incorporation and signing the first lease.

Gabe

Contemporary Rental Investments

[Dan Schwartz]

@Gabe Gunter

In many states, you need a real estate license to manage other peoples’ property.  Is that the case in your state, and if so, do you have a license?

You “incorporate” as a corporation and are taxed as a C Corp by default.   You have to elect to be taxed as an S Corp.  This may be what you’re doing,  but if you are concerned about conserving money when consulting with lawyers or CPAs, you would lose time by not having an understanding (in their terms, if possible) of what you are looking to accomplish.  

I haven’t found that business credit without looking at your personal credit is as easily obtainable as some seminars make it out to be.  Or at least not in sufficient quantity.  You might start with AMEX if you haven’t already.  

Good luck with the new venture!