Meaning it doesn't exist separately unless you elect for it to be treated separately.An LLC can be taxed as an S-corp, C-corp, sole proprietorship, partnership, association, etc.I would not worry about incorporation yet because Illinois is expensive to do so in.

Attend enough meetings and you will have learned some things, know your way around the courthouse, figured a way to discretely remove chicken gristle from your mouth without attracting attention, and get treated like a peer.

I would treat the bases as the stock market.

That is the state that you will be paying tax in AND registering each year in.The LLC is for protection, that mean you need to consider that doing too many activities underneath it can be treated that you were not acting as though it is an independent entity.

If a land contract or contract for deed is refinanced prior to ownership seasoning of 12 months it is generally treated like a purchase money mortgage.

Tell your friend that you're only asking him to sign the lease so that no one is being treated differently.

Hi Sam,How has the Woodlands market been treating you?

I would like to treat a seasoned investor to lunch and pick there brain a little.

Basically I would treat it as if I were the hard money lender on the project even though I am just guaranteeing the money and not actually putting it up.

Just to add a short comment, I also find ways to treat my tenants and potential tenants better.