Real Estate Agent

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Corey Duran
  • Rental Property Investor
  • Toledo, OH
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Do you have an LLC for your Real Estate Agent business?

Corey Duran
  • Rental Property Investor
  • Toledo, OH
Posted Mar 13 2023, 12:17

I have been an agent for about 6 years and do not have an LLC for this specific stream of income. I have lately been seeing this come up a lot lately from other agents. Would you recommend I do the same? Should I have an attorney form this for me? I was told it would be around $500 which sounds a bit pricey to me as I believe I know how to register an LLC in OH where I am located. However, if specific things need to be put in my articles I would rather it be done right. I am going to be the only member.

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Karen Yager
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Karen Yager
Replied Mar 13 2023, 12:43
I've been a Realtor for 17 years, paying huge taxes on my earnings the last few years. 3 years ago, I set up an LLC with an attorney. My CPA, which I finally hired 3 years ago, set up paying me a monthly salary, which means that I only pay taxes on the W2 income and very little on the rest of the earnings. He has saved me thousands of $$ in taxes. I had been paying up to $50k in taxes, so I'm relieved to find a solution.

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Eudith Vacio
  • Real Estate Agent
  • Chicago & NWI
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Eudith Vacio
  • Real Estate Agent
  • Chicago & NWI
Replied Mar 13 2023, 12:45

Hey @Corey Duran, most definitely recommend forming an LLC for your real estate business especially if you are making more than $100k a year. It's relatively easy to set-up, here in IL it costs around $150 to create on the Secretary of State website.

You can most likely ask another agent for a copy of the articles of incorporation, it’s not complicated if it’s just you. 

Goodluck 🙌🏼🙌🏼🙌🏼

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Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
Replied Mar 13 2023, 16:38

I have a LLC for my realtor business, it makes record keeping easy & I can take advantage of the tax benefits that come with it.

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Replied Mar 21 2023, 08:56

I have an LLC too for my REALTOR business.

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Daylen Fiallo
  • Real Estate Agent
  • Miami, FL
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Daylen Fiallo
  • Real Estate Agent
  • Miami, FL
Replied Apr 12 2023, 13:22

Agree with all the comments. An LLC would keeps everything clean as related to the business transaction, plus you get the liability and tax benefits.

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Replied Apr 22 2023, 20:00

Does the LLC need to register with my sales agent license? I am trying to set up a property management LLC and operate under my sponsored broker. but I am not sure if the LLC i owned need to be licenced.