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LCC partnership structure
Hi, I am on my first flip, live in WA state found a partner in Ohaio, the rehab is in OH. I opened an partnership LLC, and I am learning now about taxation it will be treated as a dealer and not as an investment. I have a W-2 job primary and my business partner has another business. If we flip it under 12 months, any strategy to be considered as an investor LLC ? Do we 1st do tax on the LLC and whatever we split 50 & 50 then each claims on their taxes ? thx