Charlotte, NC · Member since 2020 · 3 posts · 3 votes
Hey guys, I'm looking for a good CPA I can work with that knows his/her stuff about setting up a Wyoming LLC or S Corp for the anonymity benefits but also extensive knowledge how all of this applies to real estate investing/flipping. Would be nice to work with this individual in actually setting up the company(ies) and have all the nitty gritty explained on how the tax structure would work, and what to watch out for.
Investor · Carrollton, TX · Member since 2020 · 12 posts · 5 votes
4y
Please talk to an attorney, not a CPA for legal structure. Setting up an legal entity requires more than just the shell company name but you will need legal docs in case of lawsuits. And you want to make sure the structure is correct when a holding company is involved. Unwinding is costly and painful. Good luck!
Charlotte, NC · Member since 2020 · 3 posts · 3 votes
4y
Spoke with a few CPAs thru DMs and sounds like there are many questions for an attorney regarding this topic. Looking for any pointers towards some good attorneys that have good experience with setting up LLCs and S Corps with respect to real estate investing and flipping. Appreciate you guys and looking forward to connecting with some of ya'll, thanks again.
Rental Property Investor · Temple, TX · Member since 2021 · 15 posts · 14 votes
4y
Serge, not necessarily a recommendation through my own experience, but a recommendation I received through Grocapitus. I just called them today to set up a free consultation that's in two weeks. They service nation wide and help you strategize what's best for you and your business in terms of taxes and asset protection. It's worth a free call.
Spoke with a few CPAs thru DMs and sounds like there are many questions for an attorney regarding this topic. Looking for any pointers towards some good attorneys that have good experience with setting up LLCs and S Corps with respect to real estate investing and flipping. Appreciate you guys and looking forward to connecting with some of ya'll, thanks again.
This topic has been extensively discussed on this forum for years. Just browse the forum for "Wyoming LLC."
My short summary is: this has nothing to do with CPAs, it is strictly a legal question, i.e. for attorneys. Opinions of us accountants on this issue are worthless, and so are opinions of anybody who is not an attorney.
Attorneys, however, wildly disagree on this topic between themselves. Some attorneys consider this approach essential (usually those who make money from setting them up), while other attorneys consider it unnecessary and an overkill. The more attorneys you ask, the more confused you will likely to become.
Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning.
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
4y
@Serge Velet, this is not rocket science. It takes 10 minutes to create a WY LLC. Your operating agreement is very important. Your tax structure should be discussed with your accountant. A sub S helps keep the amount you pay active participation taxes on down, but creates difficulties in passing property on and getting the free stepped up basis. You can simply have another person file the LLC to keep your name off of it. If you materially participate in it however staying anonymous will be almost impossible. Just don't pay someone $10 or $20K for their secret sauce anonymity package. They are not that different from the same thing offered from most regular attorneys who don't hype their service.
Investor · Carrollton, TX · Member since 2020 · 12 posts · 5 votes
4y
Please talk to an attorney, not a CPA for legal structure. Setting up an legal entity requires more than just the shell company name but you will need legal docs in case of lawsuits. And you want to make sure the structure is correct when a holding company is involved. Unwinding is costly and painful. Good luck!