To LLC or not to LLC, that is the question
Sorry, my mom is a Shakespeare buff and she would be proud :lol:
So I was just about to go to the County Courthouse to file for an Assumed Name(DBA) but now I'm considering starting an LLC for multiple reasons and I'm curious as to what your opinions are.
A little about me:
I have not yet done a deal
I have been studying for some time and I'm ready to get started
I have every intention of doing this full-time but I will not quit my day job until it's a realistic possibility(1-3 years)
My only assets are my house which is homesteaded and a car with 100,000 miles and serious hail damage so I'm not concerned with asset protection at this point
I am interested in wholesaling/rehabbing(rentals in the near future)
I have $10K-$20K startup capital
I will be using Hard Money for my first several rehabs
I have excellent credit (771)
I am now thinking about starting an LLC in Texas(one-time $300 filing fee)
for my rehabs because I want to build up business credit and season my company so I figure I might as well start now.
Once I acquire rentals I will definitely setup an LLC but that is not an issue yet.
Given the information, should I form an LLC or just do my first few deals as a sole proprietor and then get my LLC?
If so, what is the most common method to tax the LLC? (i'm thinking s-corp)
How hard is it to purchase property for rehab in a new LLC?