Start an LLC or Partnership

[Account Closed]

Hello everyone,

Relatively new to BiggerPockets and real estate but I want to be financially free and live life by my own terms.

I have twin brother and we both are interested in getting started and working together. We are both recent college grads, currently working full-time, and paying off student debt.

We are currently trying to build capital, save some money, learn about real estate, and get started within the next year or so.

My question is: would it be worth it to start an LLC or a partnership together? It is convenient having a brother and business partner and we want to make the most out of it.

Thanks!

[Natalie Kolodij]

Originally posted by @Account Closed:

Hello everyone,

Relatively new to BiggerPockets and real estate but I want to be financially free and live life by my own terms.

I have twin brother and we both are interested in getting started and working together. We are both recent college grads, currently working full-time, and paying off student debt.

We are currently trying to build capital, save some money, learn about real estate, and get started within the next year or so.

My question is: would it be worth it to start an LLC or a partnership together? It is convenient having a brother and business partner and we want to make the most out of it.

Thanks!

A partnership IS an LLC.

An LLC with 2 people defaults to a partnership return.

Depending on how you plan to structure your deals and work together it may make sense. You'll want to talk to your tax pro and your attorney to see what works best.