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I’m planning on wholesaling properties in the US and would…

Customer Question
I’m planning on wholesaling...

I’m planning on wholesaling properties in the US and would like know if it’s nessessary to set up an entity (LLC, C-Corp) as I won’t physically own any property?

Accountant's Assistant: Can you tell me what state the LLC is registered in?

I’m not registered yet, but I was planning on wholesaling in New York State. The LC would be in New York State and the C-Corp I was thinking of Florida

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I don’t think so

Submitted: 4 months ago.Category: Tax
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Answered in 2 minutes by:
1/6/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,220
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

Bear with me a moment while I type up my response. Then if you have further questions we can go from there.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

Generally the LLC is the best place to start, becasue of the double taxation with C-Corps. The C-COrp pays tax at corporate rates and hen if you take those profits out as a dividend they are taxed again on a 1099-Div to the owner.

...

The LLC is simpler, less costly, less administrative overhead, but provides the corporate liability protection of the corporation.

...

But NEITHER are necessary

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Customer reply replied 4 months ago
When you say neither are necessary, what do you mean? I’m Canadian and concerned about liability or because I’m wholesaling and not holding any property I don’t need to set up an entity?
Customer reply replied 4 months ago
Are you still there?
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago

I'm so sorry, this came through the US tax area ... I'll opt out to see of someone else can help

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