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Updated over 12 years ago,
Which LLC company for flipping?
I'm brand new and am planning on forming a Fix and Flip LLC taxed as an S corp. From my reading this seems to be the way to go for this part of my REI.
My question is:
If my company is Bradshaw Properties, LLC then when I buy a house to fix and flip do I buy it under the name of a different LLC that I form for that property specifically so that I can sell that LLC to someone for a short term flip? Or do I buy it under the Bradshaw Properties, LLC name somehow?
I am going to be using money partners to get started, so I was thinking that I would need to form a LLC with a money partner once I find a house to buy. Put the offer in on the house with that brand new formed LLC or are there other steps that I'm missing?
It seems like I need to find the property before I partner with my money partner...so I need to wait until I find the property to form that LLC so it will have to be simultaneous with the offer that I submit.
But for tax purposes all of this income is reported under Bradshaw Properties, LLC...but how??
I hope this makes sense - I'm afraid I'm even confusing myself. LOL!
Let me know if I need to clarify...