In PA, I'm looking to start rehabbing and flipping homes with my cousin as an equal partner. We are unsure if we should start an LLC or an S-Corp. People seem to have equal options both ways. We're only looking to flip 2-4 homes per year for the first 2-3 years, with total profits ranging from $50k-150k per year. We also only plan on taking 10% profit for yourselves personally and reinvesting most back into the business to gain larger properties and eventually get into rentals once enough cash assets are built up. We would like guidance on the best business structure for us. Thanks!
I would suggest finding a good CPA and schedule a meeting. Just had my meeting this morning and signed my LLC paperwork this afternoon. However, we are in Texas and every state has it's own ins and outs which makes every case different. That's why I suggest seeking professional guidance.
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