When to set up a LLC and what kind of business.

Question

I have been investing in mobile trailers flips. I have been funding the money, but I am not hands on, my partner has been selling the units then we split the profits. Should I set up a llc I am looking into doing home flips in the future as well. What kind of business do I need? Real Estate or Construction? I will be contacting a CPA asap.

Daniel Hyman · Answer

When you contact a CPA, make sure to ask about the different ways in which an LLC can be taxed. Your entity choice could have significant tax implications.

When to set up a LLC and what kind of business.

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