Updated over 5 years ago on . Most recent reply
Starting the “Official Business” HELP
Good Evening BP Family! I am going to start an LLC (I think) ASAP. I say I think because I'm not sure if the LLC is the right entity term I'm looking for.
For reference: I’ve flipped a handful of SF homes in the last few years and I am ready to start buying and holding single family and multi family units. My short term goal (15 years) is purchasing 4-6 buildings a year and then retiring from my 9-5. My son will be 18 by then.
Okay now that I've made that little bit more clear, I want to make the correct decisions now that will benefit my son, my wife and I for long term as far as tax advantages and way long down the road when we pass away for my son to inherit. How can start a LLC or trust that is in my sons name, that my wife and I passively work for and build wealth for the whole family?
I am newer here on BP and have much to learn but all the help would be appreciated, I’m not from a family of wealth or ownership mindset and I want to be a change.
“I live in PA for state legal reference.”