I thought making my first post on BiggerPockets, about the struggle and understanding how to correctly set up, structure and arrange the proper business entity necessary to undertake real estate wholesaling transactions virtually within the United States, while currently living abroad.
As, the Covid-19 Catastrophe has made me reassess lifes’ purpose, helped me re-enroll into University to finish my degree in Business Administration, laid out a new career path for me and pushed me forward to do things differently I would be thankful for all the sound advice that can be given.
My questions mainly pertain around the aspects of business structure, taxation and a long-term layout of setting up a firm & proper foundation to conduct business.
- What entity is needed, for setting up a real estate acquisitions business?
- Should an LLC be the pre-dominant entity to begin with?
- Should anonymity be considered while setting up a business entity?
- Are Delaware, Nevada and Wyoming the preferred states to set an LLC up?
- What basic aspects of taxation need to be considered while setting up a business entity (preferred LLC), on a personal and professional basis? Recommendations for educational purposes or references to business would be appreciated!
- While wholesaling within the US, do you need to create e.g. an LLC in each individual market you wholesale a property? My guess is no, but any input short is appreciated.
As I have been indulged through research, education and networking on basic concepts of the above-mentioned question such as general taxation for Flow-Through-Entities and the anonymity part of a Wyoming LLC, there are still a few questions left that I would appreciate receiving some input or reference to different sources or contacts.