However, it only protects you from one type of liability: accidents.After that you want to compartmentalize your assets, which is often accomplished through the use of LLCs or corporations.

Get rid of the little guys that are hard to control and consolidate into the corporate conglomerates with deep pockets or government housing, just like they did with insurance companies in Washington several years ago. 

If it is franchisee and not parent corporate then look to whether single or multi unit operator.

Once my first wholesale deal passes, I intend not to eat the profit, but roll it straight back into my business.I am considering a few things.1.setting up an S-corp (or LLC taxed as an S-corp?) 

I'm so excited to be here - after listening to the Bigger Pockets podcasts for the last 6-8 months and reading numerous books on real estate and business, I am more eager than ever to educate myself as much as possible and start my investment portfolio this year.I feel a quick introduction to myself is in order, so here's some background on who I am and what I am looking to accomplish this year:It all started with my endless search for "the perfect solution" to my endless problem of needing to climb the corporate ladder.

I've heard from many sources (Than Merrill, Nick Vertucci, etc.) that you can create an LLC, s-corp or c-corp in places like Nevada, and a few other states, because there is less tax, and they are business friendly, even though you may live in another state. 

With S corps, if the business generates more than 25 percent of its receipts from passive income, the excess is taxed at the highest corporate income rate.

If that's the case and something were to happen, I think a strong case can be made to pierce the corporate veil, because it appears that the LLC is being used merely as a shell company to shield me from personal liability.

My focus is in the frisco area near the corporate corridors (75024).

Call First Corporate Solutions and see if they have any ideas.