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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No, I don't think that's a great choice... Posted by Ward-CA- on March 30, 2004 at 7:55 AM In Reply to: Re: Look at the QSSS entity... posted by jenv on March 30, 2004 at 4:18 AM : Wouldn't a single-member LLC be simpler? It can just use the EIN of the s-corp as well as contain liability. ================ Jenv, No, because the single member LLC (SMLLC) won't exempt you from the 3.3% tax. Only a multi-member entity can do that. Plus you'd have to keep the LLC around for 10 years @ $800/year to avoid personal liability on the warranty. In addition that minimum $800 annual fee grows to $6,000 if the gross receipts of the LLC reach a million. Since selling just 2 houses nowadays will reach that level, you might not want to do that. Follow Ups: Re: No, I don't think that's a great choice... jenv 10:28 AM, 03/30/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Wouldn't a single-member LLC be simpler? It can just use the EIN of the s-corp as well as contain liability. : ================ : Jenv, : No, because the single member LLC (SMLLC) won't exempt you from the 3.3% tax. Only a multi-member entity can do that. : Plus you'd have to keep the LLC around for 10 years @ $800/year to avoid personal liability on the warranty. : In addition that minimum $800 annual fee grows to $6,000 if the gross receipts of the LLC reach a million. Since selling just 2 houses nowadays will reach that level, you might not want to do that. 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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