CA wholesale, cheapest one time use entity?

[Casey R.]

I have a CA resi wholesale deal. Need to go to contract and don't have an entity set up. I want to avoid the 800 extortion fee since this is just a single deal and I'm not regularly operating in CA. I'm a CA resident but I'm looking out of state. This CA deal just makes sense so I need to double close it and don't want to do it in my name. I don't have time to register as a foreign entity if I set up an LLC in another state. Any ideas on the cheapest quickest way to be protected in the deal? Currently it looks like I can set up an LLC in CA within a few days and then I'm going to have to pay the 800 annual even if the entity only exists for a couple weeks. I did see something online about avoiding the 800 with an S election of the LLC but I haven't found anything to corroborate that yet.

[Katie L.]

@Casey R.

LLCs, SCorps, and LPs are all subject to the $800 minimum tax in CA. General partnerships and individuals are not subject to the $800 min tax. The latter two options provide no liability protection. Even registering a foreign entity in CA subjects you to the minimum tax if you are actively managing or working in the entity in CA. 

*this post does not create an attorney-client or CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.