I am about to form my LLC. My wife works for a national housing builder and is not permitted to be a member of a company that deals in real estate. Should I be the only member or should I have my (under 18) child be a small percentage member?
The best thing would be to consult an attorney/tax professional. There are some disadvantages of having a Single Member LLC..check this article. I would spend sometime thinking about long term objectives and what you wish to accomplish from tax as well as asset protection stand point.
Anyways Good Luck
I would consult a lawyer. Not sure if a single LLC is right for you at this time. What might be better is go it for the first house and get large insurance policy for protection.
Note: Please check with the Wife's company because I ran into something like this and they actually required me to divest stocks and on a quarterly interval declare any actions.
Thank you @azeezk, that article helped a lot. I plan on sitting down with an attorney that specializes in real estate and is connected thru my REI club.
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