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Updated almost 11 years ago,
Closing in LLC Question
Background: I have some buy and hold properties but I am doing my first wholesale. I have an LLC in another state where I do business, but want to keep that separate from my wholesaling.
My question is whose name should I wholesale in?
I have no LLC for wholesaling. I am putting this property under contract today/tomorrow. I plan to form an LLC specifically for wholesaling this year. Should I close in "My Name" dba "LLC" or should I just close in my name since I have no LLC set up yet?
2nd question: If I close in my name, can I still get the LLC tax benefits if I set it up this year?
3rd question: I live in California but my wholesale deal is in another state. Where should I form the LLC? California LLC filing takes 1-2 months unless you pay $500 rush fee. Other states only takes a day or two (I filed an Indiana LLC the same day)
Final question: How does an S-Corp come into play?