Corporation, LLC, or neither

3 Replies

Hello BP,

My wife and I have our first deal under contract. We purchased an old church and fellowship hall and we are turning both in to SFH's. We are very excited and scared at the same time. My question is should we have a corporation or LLC in place before we close? If so...which one?

Whether or not and what type of business entity to use is a highly legal question based on the unique facts of your business plan, your personal assets, and your risk aversion. This is a question best reserved for a Business Attorney in your local area, and a CPA in conjunction there-with. You need to balance the asset protection issues the attorney will speak to you about, with the economic considerations the CPA will inform you of. Seek out professional help.