We are house flippers and looking into setting up an LLC as we have other partners now. I am not that focused on the liability benefits, but the tax benefits. Would love any input.
An LLC can elect to file as an S Corp, C Corp, partnership, etc
I have a series LLC with one series a C corp and another an S corp. The tax benefits come from the elections, operating agreements, and inter company relationships, not LLC status.
it really depends on your specific individual circumstances if an LLC that elects to be treated as an s-corp will benefit you. You probably need to sit down with a good tax professional and lay out what you're doing. Sometimes you may save a little in tax but pay more in accounting fees than you saved since the increased compliance cost with filing more complex returns, other times the tax savings far out way the cost.