Looking for advice on what the best business entity set-up should be for husband/wife real estate team. Not sure if its best to hire an accountant or a tax attorney for this advice. If anyone has a referral in the Raleigh NC area let me know. Someone with knowledge of real estate commission rules as they apply to business entities would be helpful.
You should look into hiring an attorney and an accountant to set up an entity.
The Attorney will tell you what the entity will protect you from.
It seems like you want to go into the fix and flip business.
Will your personal assets be protected in the following situations.
- If a contractor gets hurt on my property - Will my personal assets be protected?
- If I have a management company manage the flip - will my personal assets be protected?
- If i manage the flip myself - will be personal assets be protected?
The accountant will be able to advise on the tax implications of the suggested entity types
Below are suggestions for finding attorneys/accountants in Raleigh NC
1. BP Search Function
2. Local Real Estate Investing Networking Events.
Please use the BP Events feature or go on meetup.com for local events.
3. Create a keyword alert for "Raleigh" and/or "North Carolina" and notice who frequently responds to posts with these keywords. These are likely the big players in the area and well connected. Feel free to connect with them and see who they use for an attorney and CPA.
4. If you are still unable to find a local CPA/Attorney. You may want to broaden your search to include professionals who work with clients remotely.
Let me know if I can be of further help.
@Chris C. I like using Joe Diab (Raleigh). However, I recommend you attend a local TREIA meeting and ask around to see who else has already gone down the path you are going.
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