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Updated over 1 year ago, 07/03/2023

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41
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14
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Nathan Witte
  • Accountant
  • Chicago, IL
14
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41
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Process of Starting an LLC

Nathan Witte
  • Accountant
  • Chicago, IL
Posted

I am looking into the process of starting an LLC, because I understand there are many tax benefits to operating a real estate business under an LLC. Starting an LLC would also help make my website more credible and official. Could anyone provide a broad overview of the steps to take to starting an LLC? Any additional information would be very appreciated.

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Greg Scott
Pro Member
  • Rental Property Investor
  • SE Michigan
5,485
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3,813
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Greg Scott
Pro Member
  • Rental Property Investor
  • SE Michigan
Replied

I must question your initial premise. What tax benefits do you believe you can get with an LLC that you cannot get when owning a property in your own name?

If the question is LLC vs C-Corp or even S-Corp, then definitely. However, if you are just starting off, creating an LLC for "tax benefits" may be an incorrect assumption.

  • Greg Scott
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    Basit Siddiqi
    Tax & Financial Services
    Pro Member
    #2 Classifieds Contributor
    • Accountant
    • New York, NY
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    Basit Siddiqi
    Tax & Financial Services
    Pro Member
    #2 Classifieds Contributor
    • Accountant
    • New York, NY
    Replied
    Quote from @Nathan Witte:

    I am looking into the process of starting an LLC, because I understand there are many tax benefits to operating a real estate business under an LLC.

    Wrong.

    Creating an LLC or starting a website are not getting you started in real estate unless you are talking about real estate agent/wholesaling where it may potentially help).
    Getting starting would be getting your first deal.
    business profile image
    Basit Siddiqi CPA
    4.9 stars
    69 Reviews
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