I'm looking to start a REI Business to wholesale houses In upstate NY. Should I form an LLC if it's just my wife and i who will be running the business? And what is the best route to do this? Thanks in advance for any advice!
What will the business be doing? Wholesaling, rehabbing, buy and hold? Why do you want an LLC? What benefits do you want or are expecting? What is your tax bracket? How much REI will you be doing? How many members will there be in the LLC? How much risk are you willing to take? Are you willing to increase you expense and hassle for limited benefits?
Without knowing more it is hard to say. Now I do all my business through various LLCs. That may not be the right answer for you.
In general an LLC will not provide you with as much asset protection as you might expect, if that is why you are thinking about it.
thanks for the quick reply. We are going to start out with wholesaling a few properties for now & eventually use the profits to purchase buy and hold properties later on. The only members would be my Wife and I. I would like to separate our business from our personal assets, and establish a name for ourselves. will look into the tax bracket.
Really just looking for advice on what would be best fit for us before we start this adventure.
I suggest you check out the books by Nolo Press. The have a few on LLCs. This is a company that produces self help law books. I don't necessarily recommend you do everything your self but if you are educated on the issues you can better understand what an attorney advises.
I will definitely check out the books. Thank you again for the great advice! Every tip helps and is greatly appreciated.
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