How file your company name

Question

good evening real estate community is it better to file your real estate holding company as an LLC, or Scorps

Steven Hamilton II · Answer

That purely depends upon what you are doing. YOU NEVER want to hold real estate in a corporation(NO MATTER THE STATE).  Advising such can be considered malpractice in many states.

David Krulac · Answer

@Blake Broomer

Welcome fellow Pennsylvanian.

It also depends on what activity that you are doing, flipping, buy and hold, rehabs, wholesale, commercial, development, etc.

There are tax implications, as well as liability issues, and anonymity also.

The PA Dept of State has an online file that you can check to see if the proposed name is in use.

In most cases I'd recommend that the entity name not contain either you first or sur names.

In any event, the best advise would be to contact a PA attorney to help decide the type of entity, your planned work and possible other parties involved.  You should also run it by your CPA before doing the formal filing.

Blake Broomer · Answer

Thank you everyone for the quick response I really appreciate it. It seems the conclusion would be to contact your local CPA because there's different benefits and liabilities depending upon the state and I'm filing my business and thank you very much, appreciated

Blake Broomer · Answer

Daniel Mohnkern, thanks that's the goal now buy and hold.. Do you set of multiple filing for different projects? Or all under your LLV

Blake Broomer · Answer

Thanks Steve..

Steven Hamilton II · Answer

That purely depends upon what you are doing. YOU NEVER want to hold real estate in a corporation(NO MATTER THE STATE).  Advising such can be considered malpractice in many states.

Daniel Mohnkern · Answer

Years ago I tried to set up a property into an FLP and my Pennsylvania attorney almost had a cow.  He was pretty adamant about forming an LLC in PA. That was for a buy and hold property.  I could not speak for other instances as brought up by @David Krulac.

Victoria Nellon · Answer

I am in Georgia and LLC is the path I have been educated on.

Christian Marin · Answer

Blake,

I don't know how the laws are in Pennsylvania but in Florida you can establish and LLC and then register with the IRS as an S-Corp for tax purposes only. S-Corps give you a way bigger tax advantage over and LLC but the LLC to me gives me the best liability protection, flexibility and less paperwork than an S-corp. So all my businesses are LLC but taxed as S-Corps

How file your company name

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