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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Business structure for flipping and keeping properties in NC. Posted by Ward-CA- on December 02, 2001 at 3:05 PM In Reply to: business structure posted by mike on December 02, 2001 at 1:15 PM : hey pros, i have got to get something better than a sole proprietor that i have had for only 6 months since i've started. i now have three properties. i knew i needed more but the houses were coming faster than my business structure. i live in north carolina and i have read every thing i can get my hands on about s corp, c corp, llc, lp ,gp and even some combinations of c corp and lp. i understand the difference between them but cannot weigh the benefits or tax value. i also don't want more structure than i need. is there a standard or understood entity that i am just reading over or missing? i would like to have about 10 properties and maybe sell a few along the way that are not ones i want to keep as renters. anything would be helpful. this is the first thing i was supposed to get and now it is the last thing i need to set up. help!!! =?=?=?=?=?=?=?=?=?=?= Mike, if NC does not impose a special annual tax on a limited liability company (LLC) like they do here in CA, then I would opt for an LLC because of its limited liability for all members and freedom from the constant chore of corporate record upkeeping that all corporations are subject to, to maintain their de jure corporate status. I would hold all of your properties in separate title holding trusts to isolate any legal problems to just one property rather than all of them. You could have your LLC be the trustee and beneficiary for each of them, but they?d be titled separately, like the Madison Trust on Madison Ave. and the Piedmont Trust over on Piedmont Street. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : hey pros, i have got to get something better than a sole proprietor that i have had for only 6 months since i've started. i now have three properties. i knew i needed more but the houses were coming faster than my business structure. i live in north carolina and i have read every thing i can get my hands on about s corp, c corp, llc, lp ,gp and even some combinations of c corp and lp. i understand the difference between them but cannot weigh the benefits or tax value. i also don't want more structure than i need. is there a standard or understood entity that i am just reading over or missing? i would like to have about 10 properties and maybe sell a few along the way that are not ones i want to keep as renters. anything would be helpful. this is the first thing i was supposed to get and now it is the last thing i need to set up. help!!! : =?=?=?=?=?=?=?=?=?=?= : Mike, if NC does not impose a special annual tax on a limited liability company (LLC) like they do here in CA, then I would opt for an LLC because of its limited liability for all members and freedom from the constant chore of corporate record upkeeping that all corporations are subject to, to maintain their de jure corporate status. : I would hold all of your properties in separate title holding trusts to isolate any legal problems to just one property rather than all of them. You could have your LLC be the trustee and beneficiary for each of them, but they?d be titled separately, like the Madison Trust on Madison Ave. and the Piedmont Trust over on Piedmont Street. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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