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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42314
Experience:  Texas Attorney for 30 years dealing in real estate
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I'm a new investor, should I have LLC or C-Corp set up right

Customer Question

I'm a new investor, should I have LLC or C-Corp set up right now?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. Ray here to help you today. Can you tell me is real estate involved, nature of business aka rental properties or something else here.
Customer: replied 1 year ago.
I'm focus on wholesaling now, then I'll do pre-foreclosure. (Lease Option)
Expert:  Ray replied 1 year ago.
here an LLC makes the most sense since you are holding real estate.This limits your personal liability and anyone suing can only go after the LLC assets.In fact some landlords have multiple LLCS one for each property again to limit suits and exposure.Overall its a good idea in Indiana to have such LLCs to limit personal liability and deter suits from tenants or other guests.It is a very good idea for you here to do so for your investments that you purchase.
Expert:  Ray replied 1 year ago.
An LLC is a formal association which combines the advantage of a corporation's limited liability and the flexibility and single taxation of a general partnership. An LLC has members rather than shareholders. A member enjoys protections from the liabilities and debts of the LLC.
Customer: replied 1 year ago.
Nothing new to me, thanks anyway.
Expert:  Ray replied 1 year ago.
You are so welcome.I think an LLC for what you want to do here is the best business entity.