Looking for advice from CPA on whether to LLC or not
I'm hoping there are some CPAs or personal experience (knowing I need to confer with a CPA) here to assist me with a decision on whether or not to open a LLC in TX (our place of residence and where we'll do all our business).
My husband and I just put in an offer with another married couple for a flip in TX. The other couple already has a LLC. Our plan was to create a Joint Venture between the two LLCs for this one project.
Since TX is a community property state, we can open our LLC and be treated as SMLLC for tax purposes so we would be treated as a single member LLC vs a partnership.
I guess my question is, is there any downside to creating an LLC other than how we report our taxes and reports to the TX Franchise Tax Board? Is there an advantage to listing as a partnership vs a SMLLC?